US GDP rose in the third quarter only two percent in annual terms. Serious obstacles to the restoration of the economy were a new strain of coronavirus, crashes in supply chains, lack of labor and price increase, writes CNN.
Economists predicted an increase of 2.7 percent, such indicators of the third quarter became the worst since the end of 2019. The country also ran into a slowdown in consumer spending. Although Americans incomes increased by 47.8 billion dollars due to higher wages, the disposable income actually fell by 0.7 percent (by 29.4 billion dollars).
Americans spend less money on goods, especially on cars, as well as services, restaurants and hotels suffer from this most. At the same time, the volume of savings of the population decreased to 8.9 percent compared with 10.5 percent in the second quarter. “We are confident that the fourth quarter will be much better,” said the chief international economist ing James Knightley.
The global chip deficit and the consequences of Hurricane “Ida” hit the production in the United States. In September, it decreased by 0.7 percent, which became a record for seven months. The strongest decline was in the automotive industry. Machine production decreased by 7.2 percent in September. In addition, the lack of workers and congestion in the ports that detained supply will be put pressure on production volumes in the coming months and quarters, analysts are sure.