US economy grew at 2.3% rate in Q3, up from earlier estimate
3 years ago

US economy grew at 2.3% rate in Q3, up from earlier estimate

Associated Press  

WASHINGTON — The U.S. economy grew at a 2.3% rate in the third quarter, slightly better than previously thought, the Commerce Department said Wednesday. “History is repeating itself with the COVID virus suddenly reappearing and dampening economic growth prospects,” said Sung Won Sohn, an economics and business professor Loyola Marymount University in Los Angeles. Kathy Bostjancic, chief U.S. financial economist for Oxford, said the firm’s current assessment was that the resurgence of COVID-19 could reduce growth next year from 4.3% to 4.1% and that if Biden’s Build Back Better program is completely derailed, that could likely shave another 0.4 percentage points in 2022, lowering it to around 3.7% and chop a half-point from growth in 2023, reducing it to below 2%. She said under these assumptions, job growth could be 750,000 lower by this time next year if economic growth slows as much as she fears.

History of this topic

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