The Associated Press
The U.S. economy grew at a 2.3 per cent rate in the third quarter, slightly better than previously thought, the Commerce Department said Wednesday. But prospects for a solid rebound going forward are being clouded by the rapid spread of the latest variant of the coronavirus.
The third and final look at the performance of the gross domestic product, the nation’s total output of goods and services, was higher than last month’s estimate of 2.1 per cent growth.
The newfound strength came primarily from stronger consumer spending than what was previously thought, as well as businesses rebuilding their inventories more than initial estimates revealed.
The 2.3 per cent third quarter gain follows explosive growth that began the year as the country was emerging from the pandemic, at least economically. Growth soared to 6.3 per cent in the first quarter and 6.7 per cent in the second quarter. The emergence of the Delta variant in the summer was blamed for much of the third quarter…