US economy growth slows in the third quarter, expects a big improvement in the fourth quarter
However, economists say that there could be a solid recovery in the current quarter without the impact of rising inflation and recent growth activity in Kovid cases.
The Commerce Department said on Wednesday that growth in gross domestic product (GDP), the total output of goods and services in the economy, is above an initial estimate of two percent for the third quarter. But despite this, this growth rate is far below the growth rate of 6.3 percent in the first quarter of this year and 6.7 percent in the second quarter.
Higher GDP growth than the initial estimate reflects consumer spending somewhat better. Consumer spending grew 1.7 percent in the third quarter. Whereas in the second quarter it had increased by 12 percent.
AP Pranav Raman
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