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U.S. Economy Slowed in Third Quarter as Delta Variant Surged

Mount Equity Group Tokyo, Japan > News > Markets > U.S. Economy Slowed in Third Quarter as Delta Variant Surged

Economic growth slowed sharply over the summer, the government reported Thursday, reflecting the resurgent pandemic’s impact in keeping consumers at home and the supply-chain bottlenecks that led to empty shelves and higher prices.

The outlook for the rest of the year is mixed: The pandemic’s grip is easing. The supply-chain issues, by and large, are not.

Gross domestic product, adjusted for inflation, grew 0.5 percent in the third quarter, the Commerce Department said. That was down from 1.6 percent in the second quarter and represented the weakest growth since the recovery from the pandemic began in the spring.

As recently as July, economists predicted that the recovery would gain steam in the second half of the year as widespread vaccination allowed students to return to schools, workers to return to jobs and consumers to return to restaurants and hotels.

“At the time, the recovery looked on track, and it looked like it was…

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