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US records lowest growth rate in pandemic “recovery”

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The latest data from the US Commerce Department, showing gross domestic product grew at an annual rate of only 2 percent in the third quarter, down from 6.7 percent over the previous three months, is part of a global trend.

The US slowdown comes in the wake of lower growth in China, where third quarter growth fell to 4.9 percent year on year—an increase of only 0.2 percent on the previous three months—and the announcement earlier this week by the German government that it was cutting its forecast for growth this year from 3.5 percent to 2.6 percent.

Trader Robert Arciero works on the floor of the New York Stock Exchange, Tuesday, Aug. 10, 2021. (AP Photo/Richard Drew, File)

This means that the world’s first, second and fourth largest economies respectively have all reported lower growth this month.

The situation is no better in the world’s third largest where the Bank of Japan this week revised down its growth estimate for the year to March 2022…

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