GDP — You gotta hand it to economists, because despite being wrong so damn always, they still come out swinging. Real, annualized GDP growth decelerated in Q3, growing at 2.0% on estimates of 2.6%. This is in stark contrast to Q2’s annualized real growth of 6.7% and reflects a slowing recovery from the woes of COVID.
According to the BEA, the Delta Variant wave from July through September likely slowed growth or, at least, brought uncertainty to GDP participants that in turn led to slower growth. Business inventory investments, personal consumption, and spending by state and local governments drove the increase, but these factors squared up with decreases in residential investment, federal spending, and lower net exports, leading to slower growth.
Now, this release itself is actually just an estimate. Termed the “advance estimate”, the BEA won’t know for certain what Q3 growth was until late in November, but obviously, if there’s something to take a guess on, economists are gonna go for it.
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