Published on 5 Nov 2021 on Insider Monkey via Yahoo Finance
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Supply chain issues and a decrease in consumer spending have caused the United States economy to slow down in the past few months. Latest data released by the US Department of Commerce reveals that the Gross Domestic Product (GDP) of the US grew at an annualized rate of just 2% between June and September, the slowest quarterly growth since the 31% crash at the beginning of the COVID-19 crisis in early 2020. Another worrying sign was the widening of the US trade deficit, which touched a record high of $73 billion in August.
However, the change in consumer spending represented the biggest problem for the GDP growth since it makes up almost 70% of the $23 trillion US economy. According to the latest numbers, the growth in consumer spending slowed down to 1.2% in the third quarter this year, a more than 10% decrease from the previous quarter. Government bond yields climbed after the numbers were released and the stock market reacted cautiously.