Economic Growth Falls Short of Expectations

The U.S. economic growth slowed in the third quarter and grew only 2 percent on an annualized basis.

The Bureau of Economic Analysis reported the number this morning and growth fell short of the expected 2.7 percent to 2.8 percent estimates from economists.

In comparison, first quarter GDP grew at 6.3 percent and second quarter economic growth was 6.7 percent.

Falling consumer spending was particularly attributed to the slowing growth.

CNBC reported:

The U.S. economy grew at a 2% rate in the third quarter, its slowest gain of the pandemic-era recovery, as supply chain issues and a marked deceleration in consumer spending stunted the expansion, the Commerce Department reported Thursday.

The disappointing economic growth number generated a number of comments directed at President Biden.

Former Chief of Staff for former President Trump also commented.

Disappointing economic growth is raising concerns of stagflation where Americans are punished with rising prices coupled with a slow economy.

Biden’s management of the economy is as bad as his management of everything, including the southern border crisis and the withdrawal from Afghanistan.

At Halloween time, the Biden nightmare continues.