(BEA) US gross domestic product rose at an annual rate of 2.0% in the third quarter, missing expected 2.8% increase and below a gain of 6.7% in the second quarter.
The US growth rate in the third quarter is now the slowest in the pandemic era as supply chain issues and slowdowns in spending by consumers hit the economy.
On current dollar terms, GDP rose by an annual rate of 7.8% or $432.5 billion to $23.17 trillion. The increase was lower than a jump of 13.4% or $702.8 billion in the second quarter.
The price index for gross domestic purchases ticked higher by 5.4%, a slower gain compared to 5.8% in the second quarter.
The current dollar personal income rose by $47.8 billion, compared to a decline of $1.29 trillion in the second quarter, reflecting a jump in workers’ compensation.
Disposable personal income went down by 0.7% or $29.4 billion, a slower decline compared to a fall of 25.7% or $1.39 trillion in the second quarter. Real disposable personal income fell by 5.6%.
Personal savings in the third quarter was $1.60 trillion, down from $1.90 trillion in the second quarter, with a personal savings rate of 8.9%.
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