U. S. consumer spending slows, impacts economic growth

U.S. economic growth decelerated in the third quarter of 2021, as consumer spending slowed amid a resurgence in new COVID-19 cases and as government assistance payments decreased.

Gross domestic product has grown at a 2% annual rate during the three months through September, the weakest of the recovery, according to an advance estimate released Thursday.

The Commerce Department announced the newest figures but a analysts surveyed by Refinitiv were expecting 2.7% growth. Second-quarter GDP was 6.7%.

The Delta wave of infections, the waning fiscal stimulus and shortages, particularly of motor vehicles, triggered a marked slowdown in consumption growth.