US GDP slowed sharply in Q3 but big rebound expected in Q4
3 years, 1 month ago

US GDP slowed sharply in Q3 but big rebound expected in Q4

Associated Press  

WASHINGTON — The U.S. economy slowed to a modest annual rate of 2.1% in the July-September quarter according to the government’s second read of the data, slightly better than its first estimate. The economy’s weak summer performance reflected a big slowdown in consumer spending as a spike in COVID-19 cases from the delta variant caused consumers to grow more cautious and snarled supply chains made items such as new cars hard to get and also contributed to a burst of inflation to levels not seen in three decades. The expectation is that the economy in the current October-December quarter could grow at the strongest pace this year, with some economists forecast GDP could surge to an 8% rate in the fourth quarter. So far, the improving economy this year has not boosted the approval ratings of President Joe Biden because the U.S., with one of the most rapidly recovering economies, is also caught up in a global supply chain squeeze that is driving prices higher for everything from new cars and gasoline to the cost of food and airline tickets.

Economy Consumer Spending Fed Quarter Rate Covid Cases  spending  expected  economy  inflation  supply  slowed  q4  big  cases  increase  rate  gdp  rebound  sharply  quarter  grow  q3

History of this topic

Even as US economic recovery rebounds, demand stalls
2 years, 2 months ago

Even as US economic recovery rebounds, demand stalls

Al Jazeera  

The US economy snapped two straight quarters of GDP decline to grow 2.6 percent, but domestic demand weakened. US economic growth rebounded strongly in the third quarter amid a shrinking trade deficit, but that overstates the economy’s health as domestic demand was the weakest in two years because of the Federal Reserve’s aggressive interest rate hikes. “With the full effect …

The pandemic economy will outlast the outbreak of covid
2 years, 3 months ago

The pandemic economy will outlast the outbreak of covid

Live Mint  

We may be learning to live with covid but as the latest inflation report shows, it’s still a pandemic economy. Two-and-a-half years after the first lockdowns, the economy remains weird: It can take more than a year to a get a dishwasher, many months to get a passport, businesses are short-staffed, stores routinely run out of staples like pain reliever …

Rough second quarter, rebound in third
2 years, 6 months ago

Rough second quarter, rebound in third

China Daily  

MA XUEJING/CHINA DAILY Editor's note: While according priority to safeguarding people's lives and health, the Chinese government has always been trying to strike a balance between epidemic control and economic development. The sporadic outbreaks of the Omicron variant of the novel coronavirus since early March have disrupted the normalization of the Chinese economy, as evidenced by the data for the …

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 …

IMF chief warns Omicron COVID-19 variant could slow global growth
3 years, 1 month ago

IMF chief warns Omicron COVID-19 variant could slow global growth

Firstpost  

The IMF’s most-recent forecasts raised concerns that global supply chain issues and uneven distribution of vaccines were slowing the rebound, and causing some countries to be left behind Washington: The new Omicron variant of COVID-19 could slow the global economic recovery, just as the Delta strain did, International Monetary Fund chief Kristalina Georgieva said Friday. “A new variant that may …

Will Q2 GDP foretell a robust recovery for the year?
3 years, 1 month ago

Will Q2 GDP foretell a robust recovery for the year?

Live Mint  

Next week, the government will release the September quarter report card on India’s economic growth, detailing how each sector performed and what it means for the rest of the fiscal year. View Full Image Comeback time Recall that in the September quarter 2020, the GDP shrank 7.44% as the economy struggled to get back to its feet after the first …

Dutch economy back to pre-Covid level in 3rd quarter
3 years, 1 month ago

Dutch economy back to pre-Covid level in 3rd quarter

NL Times  

The economy grew by 1.9 percent in the third quarter, bringing it to a higher level than before the pandemic for the first time since the outbreak of the coronavirus crisis, Statistics Netherlands reported. With the new increase, the economy has therefore fully recovered from the coronavirus contraction in the first and second quarter of last year. After that, there …

UK GDP: Recovery still lagging other G7 economies as growth slows
3 years, 1 month ago

UK GDP: Recovery still lagging other G7 economies as growth slows

CNN  

London CNN Business — UK GDP growthslowed between July and September, leaving the economy still around 2% smaller than it was before the pandemic and trailing the recovery in other G7 nations. The UK economy, struggling with supply chain disruptions and high energy prices, expanded by 1.3% in the quarter, down from growth of 5.5% in the previous three-month period …

US economy slowed to a 2% rate last quarter in face of COVID
3 years, 2 months ago

US economy slowed to a 2% rate last quarter in face of COVID

Associated Press  

WASHINGTON — Hampered by rising COVID-19 cases and persistent supply shortages, the U.S. economy slowed sharply to a 2% annual growth rate in the July-September period, the weakest quarterly expansion since the recovery from the pandemic recession began last year. The 2% annual growth last quarter fell below expectations and would have been even weaker if not for an increase …

Resurgence may have limited impact on economy
3 years, 4 months ago

Resurgence may have limited impact on economy

China Daily  

A medical worker administers a dose of COVID-19 vaccine for a student at a vaccination site in Nanchang, capital of East China's Jiangxi province, Aug 6, 2021. While uncertainty remains, we think the impact of the new COVID-19 infections on China's economy is likely to be limited, because more than 18 provinces have swiftly re-implemented stringent prevention and control measures …

Resurgence may have limited impact on economy
3 years, 4 months ago

Resurgence may have limited impact on economy

China Daily  

A medical worker administers a dose of COVID-19 vaccine for a student at a vaccination site in Nanchang, capital of East China's Jiangxi province, Aug 6, 2021. While uncertainty remains, we think the impact of the new COVID-19 infections on China's economy is likely to be limited, because more than 18 provinces have swiftly re-implemented stringent prevention and control measures …

Uneven COVID-19 vaccine distribution may hamper economic recovery in developing nations: IMF
3 years, 5 months ago

Uneven COVID-19 vaccine distribution may hamper economic recovery in developing nations: IMF

Firstpost  

IMF chief economist Gita Gopinath flagged the “widening gap” as advanced economies grow faster and developing nations, especially in Asia, slow. World GDP will expand by six percent this year, unchanged from the April forecast, but IMF chief economist Gita Gopinath flagged the “widening gap” as advanced economies grow faster and developing nations, especially in Asia, slow. The Washington-based crisis …

Need to Raise Vaccination Pace to Lower Chances of Another Covid Wave: CEA
3 years, 7 months ago

Need to Raise Vaccination Pace to Lower Chances of Another Covid Wave: CEA

News 18  

Chief Economic Adviser KV Subramanian on Monday said the overall impact of the second wave of COVID-19 on the country’s economy is not likely to be large but cautioned about an uncertainty surrounding the pandemic going ahead. The Economic Survey 2020-21 released in January this year had projected GDP growth of 11 per cent during the current financial year ending …

GDP shrinks by 7.3%; Q4 uptick moderates 2020-21 carnage
3 years, 7 months ago

GDP shrinks by 7.3%; Q4 uptick moderates 2020-21 carnage

The Hindu  

India's Gross Domestic Product contracted by 7.3% in 2020-21, as per provisional National Income estimates released by the National Statistical Office on Monday, marginally better than the 8% contraction in the economy projected earlier. The combination of the second wave and the revised base effect may imply a lower GDP growth for the Indian economy for 2021-22, may be in …

Indian economy's ability to rebound on test amid threats from second wave
3 years, 7 months ago

Indian economy's ability to rebound on test amid threats from second wave

Hindustan Times  

The Indian economy’s resilience will be tested by its ability to overcome a devastating outbreak of Covid-19, although no one’s yet doubting its potential to pull off the world’s fastest pace of growth among major economies this year. Data due later Monday will probably show gross domestic product grew 1% in the three months ended March, making it the second …

IMF says US economy is growing at its fastest pace since 1984
3 years, 9 months ago

IMF says US economy is growing at its fastest pace since 1984

CNN  

London CNN Business — President Joe Biden’s $1.9 trillion stimulus package will boost the US economy and drive faster global growth this year, the International Monetary Fund said Tuesday, though it warned that many countries continue to suffer from the pandemic and are at risk of being left behind. The IMF said the “unprecedented policy response” to the pandemic means …

With Biden going big, Wall Street economists are growing bullish on the US economy
3 years, 10 months ago

With Biden going big, Wall Street economists are growing bullish on the US economy

CNN  

New York CNN Business — The Covid-ravaged American economy was on the verge of slipping into a double-dip recession at the end of 2020. “Super-charged fiscal policy” means the argument for the US economy growing faster than its peers “seems to get stronger day-by-day,” economists at Bank of America wrote in a recent report to clients. Oxford Economics chief US …

US consumer spending fell 0.2% in December in face of virus
3 years, 11 months ago

US consumer spending fell 0.2% in December in face of virus

Associated Press  

WASHINGTON — U.S. consumers slowed their spending by 0.2% in December, cutting back for a second straight month in a worrisome sign for an economy struggling under the weight of a still out-of-control pandemic. On Thursday, the government estimated that the economy grew at a 4% annual rate in the final three months of 2020 but shrank last year by …

The engine of the US economy, consumer spending, sputters again
3 years, 11 months ago

The engine of the US economy, consumer spending, sputters again

Al Jazeera  

Surging COVID-19 infections and restrictions in December slammed the brakes on the engine of the US economy – consumer spending – for the second consecutive month. Business-sapping restrictions designed to contain spiralling COVID-19 infections slammed the brakes on the engine of the United States economy in December, as consumers kept their wallets snapped shut and hunkered down at home. Consumer …

COVID-19 pummels US economy in 2020; performance weakest in 74 years
3 years, 11 months ago

COVID-19 pummels US economy in 2020; performance weakest in 74 years

Live Mint  

Washington: The U.S. economy contracted at its sharpest pace since World War Two in 2020 as the COVID-19 pandemic depressed consumer spending and business investment, pushing millions of Americans out of work and into poverty. In the fourth quarter, GDP increased at a 4.0% annualized rate as the virus and lack of another spending package curtailed consumer spending, and partially …

U.S. Economy Slows Sharply As Pandemic Resurges
3 years, 11 months ago

U.S. Economy Slows Sharply As Pandemic Resurges

NPR  

U.S. Economy Slows Sharply As Pandemic Resurges Enlarge this image toggle caption Frederic J. Brown/AFP via Getty Images Frederic J. Brown/AFP via Getty Images Updated at 1:12 p.m. "There's nothing more important to the economy now than people getting vaccinated," Federal Reserve Chairman Jerome Powell said Wednesday. Sponsor Message "The economy remains in a delicate spot," said Jim Baird, chief …

U.S. economy shrank 3.5% in 2020 but grew 4% in the last quarter
3 years, 11 months ago

U.S. economy shrank 3.5% in 2020 but grew 4% in the last quarter

LA Times  

Stuck in the grip of the COVID-19 pandemic, the U.S. economy shrank in 2020 by the largest amount in 74 years but grew at a 4% annual rate in the final three months of the year. For 2020 as a whole, a year when the coronavirus inflicted the worst economic freeze since the end of World War II, the economy …

Growth in Q4 forecast to hit pre-virus rate
3 years, 11 months ago

Growth in Q4 forecast to hit pre-virus rate

China Daily  

Nation likely to be only major economy to have achieved positive results in 2020 China's economic growth is expected to equal pre-COVID-19 levels in the last quarter of 2020, and Beijing will ramp up efforts to help businesses still in distress and promote a more balanced recovery, experts said on Friday. But a GDP growth figure reaching pre-COVID-19 levels does …

US Slightly Upgrades GDP Estimate For Q3 To 33.4% Growth
4 years ago

US Slightly Upgrades GDP Estimate For Q3 To 33.4% Growth

News 18  

The U.S. economy expanded at a record 33.4% annual pace from July through September, the Commerce Department said Tuesday, delivering the last of three estimates on the economys third-quarter performance. The July-September growth spurt upgraded slightly from Commerces previous estimate of 33.1%, announced last month — marked a sharp recovery from the second quarters 31.4% drop, the worst in records …

Turkish economy rebounds 6.7% in Q3 after initial virus wave
4 years, 1 month ago

Turkish economy rebounds 6.7% in Q3 after initial virus wave

Live Mint  

Turkey's economy roared to a more-than-expected 6.7% growth rate in the third quarter, as a flood of credit helped it rebound from a 10% contraction in the previous period when lockdowns were imposed to curb the initial coronavirus wave. Yet the surprising third quarter strength - driven by fiscal stimulus and the lifting of virus-related restrictions - may allow the …

Economic impact of coronavirus will hit next year, experts say
4 years, 1 month ago

Economic impact of coronavirus will hit next year, experts say

Dutch News  

Despite the slight drop in the unemployment rate this week, and signs of a speedier economic recovery from the coronavirus crisis, the big hit will be felt in the second quarter of next year, according to experts. In total, 102 banking, legal and investment experts took part in a survey on the likely impact of the crisis carried out by …

Lagarde: Recovery could be stop-and-go despite vaccine news
4 years, 1 month ago

Lagarde: Recovery could be stop-and-go despite vaccine news

Associated Press  

FRANKFURT, Germany — European Central Bank head Christine Lagarde warned Wednesday that the economy could face a “bumpy,” “stop-start” recovery despite good news about vaccine development. “While the latest news on a vaccine looks encouraging, we could still face recurring cycles of accelerating viral spread and tightening restrictions until widespread immunity is achieved.” She said “the recovery may not be …

US Economy Posts Record Growth of 33% in Q3; Covid-19 Scarring to Last
4 years, 2 months ago

US Economy Posts Record Growth of 33% in Q3; Covid-19 Scarring to Last

News 18  

The U.S. economy grew at a historic pace in the third quarter as the government injected more than $3 trillion worth of pandemic relief which fueled consumer spending, but the deep scars from the COVID-19 recession could take a year or more to heal. “So glad this great GDP number came out before November 3rd.” Trump’s Democratic challenger Joe Biden …

US GDP surges 33.1% in Q3, biggest gain on record, says govt
4 years, 2 months ago

US GDP surges 33.1% in Q3, biggest gain on record, says govt

Live Mint  

After the worst downturn on record, the US economy posted the strongest recovery on record as it expanded at a 33.1 percent annual rate in the third quarter, the Commerce Department reported Thursday. That came after a 31.4 percent drop in the April-June period during the worst of the Covid-19 pandemic, and a five percent drop in the first quarter. …

Steady Rise in Covid-19 Cases, Spillover Effects of Lockdown to Hit India's Economic Growth, Says Report
4 years, 3 months ago

Steady Rise in Covid-19 Cases, Spillover Effects of Lockdown to Hit India's Economic Growth, Says Report

News 18  

Resurgence in Covid-19 cases is the main headwind for the global economy, and in India the steady rise in coronavirus caseloads will have an adverse impact on the country’s economic growth, says a report. Singh added that “restrained government finances, probable defaults by firms and the consequent subdued investment demand will continue to be a drag on growth.” India’s economy …

Difficult to Accurately Assess Economic Impact of Covid-19 Due to Evolving Dynamics: RBI
4 years, 4 months ago

Difficult to Accurately Assess Economic Impact of Covid-19 Due to Evolving Dynamics: RBI

News 18  

The Reserve Bank on Tuesday said it is difficult to accurately assess the economic impact of COVID-19 pandemic as the dynamics are still evolving. "COVID-19's epidemiological dynamics are still rapidly evolving in India, rendering difficult an accurate assessment of its full macroeconomic effects," RBI said in its annual report. It said dynamic stochastic general equilibrium model built on New Keynesian …

Difficult to accurately assess economic impact of Covid-19, says RBI
4 years, 4 months ago

Difficult to accurately assess economic impact of Covid-19, says RBI

Business Standard  

The Reserve Bank on Tuesday said it is difficult to accurately assess the economic impact of COVID-19 pandemic as the dynamics are still evolving. "COVID-19's epidemiological dynamics are still rapidly evolving in India, rendering difficult an accurate assessment of its full macroeconomic effects," RBI said in its annual report. It said dynamic stochastic general equilibrium model built on New Keynesian …

US Economy Likely Suffered Historic Plunge in Second Quarter; Outlook Murky as Covid-19 Cases Surge
4 years, 5 months ago

US Economy Likely Suffered Historic Plunge in Second Quarter; Outlook Murky as Covid-19 Cases Surge

News 18  

The US economy likely contracted at its steepest pace since the Great Depression in the second quarter as the COVID-19 pandemic destroyed consumer and business spending, potentially wiping out more than five years of growth. "The bottom fell out of the economy in the second quarter," said Sung Won Sohn, a finance and economics professor at Loyola Marymount University in …

Fed chief says coronavirus surge starting to dent U.S. economic recovery
4 years, 5 months ago

Fed chief says coronavirus surge starting to dent U.S. economic recovery

The Hindu  

The surge in U.S. coronavirus cases and the restrictions aimed at containing it have begun to weigh on the economic recovery, the head of the Federal Reserve said on Wednesday, pointing to an apparent pullback by consumers and a slowdown in the rehiring of furloughed workers, particularly by small businesses. “We have seen some signs in recent weeks that the …

Economic rebound augurs well for future
4 years, 5 months ago

Economic rebound augurs well for future

China Daily  

Technicians work on the assembly line of Anhui Jianghuai Automobile Group Corp Ltd's factory in Fuyang, Anhui province, on July 16. China stood out among major economies to register a 3.2 percent year-on-year growth in the second quarter, versus a 6.8 percent contraction in the first quarter, bringing hopes that the world's second-largest economy－if it continues to fare well－will help …

Rising coronavirus infections threaten US economic recovery
4 years, 5 months ago

Rising coronavirus infections threaten US economic recovery

Associated Press  

BALTIMORE — Rising coronavirus infections across dozens of states are threatening the U.S. economic recovery, forcing businesses and consumers to freeze spending and keeping the unemployment rate stubbornly high. A separate report showed that more than a million Americans sought unemployment benefits last week – a sign that companies continue to cut jobs as the virus slashes through the heavily …

US GDP fell at 5.0% rate in Q1; worse is likely on the way
4 years, 6 months ago

US GDP fell at 5.0% rate in Q1; worse is likely on the way

Associated Press  

WASHINGTON — The U.S. economy shrank at a 5.0% rate in the first quarter and a vastly worse performance is expected in the current three-month period, when the coronavirus pandemic began to spread across the U.S. While overall GDP was unchanged for the first quarter, the composition shifted slightly with downward revisions to consumer spending, exports and business inventories offset …

Second wave of Covid-19 infections are still the biggest risk to the US economy
4 years, 7 months ago

Second wave of Covid-19 infections are still the biggest risk to the US economy

CNN  

New York CNN Business — The US economy is reopening and the labor market is bouncing back after dramatic losses during the height of the Covid-19 lockdown. The lion’s share of economists participating in the June National Association of Business Economics Outlook Survey — 87% — believe a second wave of infections could imperil a rebound and become the biggest …

COVID-19 Impact: GDP growth dips to 3.1% in Jan-Mar quarter, slowest growth in 8 years; economy grows at 4.2% in FY20
4 years, 7 months ago

COVID-19 Impact: GDP growth dips to 3.1% in Jan-Mar quarter, slowest growth in 8 years; economy grows at 4.2% in FY20

Firstpost  

The gross domestic product had expanded by 5.7 percent in the corresponding quarter of 2018-19, according to data released by the National Statistical Office on Friday. Economic growth slipped to 3.1 percent in the January-March quarter of 2019-20 showing impact of COVID-19 pandemic, the slowest growth in at least eight years, official data showed on Friday. The Reserve Bank had …

US economy won’t recover fully until there’s a coronavirus vaccine, says Federal Reserve chairman
4 years, 7 months ago

US economy won’t recover fully until there’s a coronavirus vaccine, says Federal Reserve chairman

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The chairman of the …

How long will it take the US economy to recover from coronavirus?
4 years, 7 months ago

How long will it take the US economy to recover from coronavirus?

Al Jazeera  

The case is growing for a prolonged US recession. The Federal Reserve Bank of Atlanta’s GDPNow forecasting model currently sees the US economy shrinking 42.8 percent from April through June. As for the jobs market – Federal Reserve chief Jerome Powell said during an interview with CBS on Sunday that the US unemployment rate could peak at 25 percent. What …

Coronavirus Outbreak: US economy shrinks at 4.8% in January-March quarter, first-time in six years; recession fear looms
4 years, 8 months ago

Coronavirus Outbreak: US economy shrinks at 4.8% in January-March quarter, first-time in six years; recession fear looms

Firstpost  

The US economy shrank at a 4.8 percent annual rate last quarter as the coronavirus pandemic shut down much of the country and began triggering a recession that will end the longest expansion on record Washington: The US economy shrank at a 4.8 percent annual rate last quarter as the coronavirus pandemic shut down much of the country and began …

US GDP drops 4.8% as coronavirus impact hits hard: Live updates
4 years, 8 months ago

US GDP drops 4.8% as coronavirus impact hits hard: Live updates

Al Jazeera  

It is the sharpest decline since the Great Recession, an abrupt end to the longest economic expansion in US’s history. 09:30 GMT – Spain’s daily toll slightly up with 325 new deaths Spain recorded 325 deaths from the novel coronavirus overnight, up from 301 reported the previous day, the health ministry said. 07:55 GMT – Russia’s coronavirus cases near 100,000 …

The coronavirus will slam the brakes on California’s economic growth, study says
4 years, 9 months ago

The coronavirus will slam the brakes on California’s economic growth, study says

LA Times  

California’s economic growth will slow this year as unemployment rises and job creation weakens as a result of the coronavirus outbreak, according to a UCLA forecast released Thursday. “Prior to the outbreak of the COVID-19 epidemic we were optimistic about the California economy,” wrote Jerry Nickelsburg, director of the Anderson School of Management forecast, noting that unemployment in December stood …

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