The United States Department of Commerce reported that the country’s economy grew at a rate of 2.3% in the third quarter of this 2021, a little better than previously thought. But prospects for a solid rebound in the future are clouded by the rapid spread of the Omicron variant of the coronavirus.
The third and final look at the performance of the Gross Domestic Product (GDP), The nation’s total production of goods and services was higher than last month’s estimate of 2.1% growth.
According to the federal agency, the positive aspect of this quarterly figure has to do with consumer spending, which was stronger than previously thought , as well as that companies rebuilt their inventories more than the initial estimates revealed.
The 2.3% gain in the third quarter follows the upward growth that began at the beginning of the year when the country improved economically after the shock of the pandemic.
Economic growth rose to 6.3% in the first quarter stre and 6.7% in the second quarter. The appearance of the Delta variant in the summer was attributed to much of the slowdown in the third quarter.
Right now, with the appearance of the Omicron variant, adding to high inflation and persistent supply chain problems, there is concerns that growth may be limited in the face of 2022 .
Those fears have sent the stock market on a turbulent ride in recent days, although new optimism that Omicron risks will be manageable sent the Dow Jones industrial average higher 560 points Tuesday.
According to ABC News, today, President Joe Biden called a meeting of his task force on power outages. the supply chain virtually and in person in Washington, where he touted what he said was significant progress in alleviating bottlenecks at ports and other p Oak groves that had created a shortage of goods and contributed to higher prices for consumers.
Biden said that retail inventories were up 3% from last year and that product availability in shelves is 90%, close to where it was before the pandemic.
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