Market Outlook Also Falls Short
On the 20th (local time), cargo ships fully loaded with containers are waiting to be unloaded at the Port of Los Angeles (LA) in San Pedro, California, USA. [Image source=Yonhap News]
[Asia Economy Reporter Minwoo Lee] The United States' third-quarter Gross Domestic Product (GDP) growth rate was recorded at an annualized 2.0%, sharply declining to about one-third of the previous quarter's level.
On the 28th (local time), the U.S. Department of Commerce announced that the preliminary estimate of the U.S. GDP growth rate for the third quarter of this year was 2.0% on an annualized basis. This marks a significant drop from the 6.7% growth rate in the previous quarter. It also fell short of the market forecast of 2.7%.
The rapid economic recovery seen in the U.S. following the spread of COVID-19 appears to be slowing somewhat. This is attributed to recent supply chain bottlenecks, labor shortages, and inflationary pressures.
However, the positive growth trend has continued for five consecutive quarters from the first and second quarters of last year, during the early stages of the COVID-19 pandemic, through the third quarter of this year.
U.S. GDP growth rates are announced three times: as preliminary, revised, and final estimates. The figures released today may be subject to change in the future.
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