US Economy Grew 2% In Q3 As Consumer Spending Slowed: Govt

The US economic expansion slowed dramatically in the third quarter to an annual rate of just two percent from the 6.7 percent in the prior three months as consumer spending moderated, the government said Thursday

Washington, (UrduPoint / Pakistan Point News - 28th Oct, 2021 ) :The US economic expansion slowed dramatically in the third quarter to an annual rate of just two percent from the 6.7 percent in the prior three months as consumer spending moderated, the government said Thursday.

But inflation as measured by the Commerce Department's personal consumption expenditures (PCE) price index retreated in the July-September period to show a 5.3 percent increase compared to 6.5 percent in the second quarter.

If volatile food and energy prices that have been spiking amid surging demand and supply bottlenecks are excluded, the closely watched inflation gauge fell to 4.5 percent.