Delta wave slowed US economic growth in third quarter - NewsBreak

The US economic expansion slowed dramatically in the third quarter to an annual rate of just two percent as consumer spending was choked by resurgent Covid-19 infections, the government said Thursday. The spread of the Delta variant of the virus over the summer combined with renewed restrictions and global supply snags including shortages of workers and computer chips took a toll on the economy, cutting growth from the 6.7 percent pace in the prior quarter. The data was a setback for President Joe Biden and came shortly before he unveiled a $1.75 trillion social spending package that will anchor his "Build Back Better" agenda and serve as the signal achievement of his presidency -- if it wins congressional approval. Biden called the framework "historic," saying it would help create jobs and "put us on a path not only to compete but to win the economic competition for the 21st century against China and every other major country in the world."