Net of inventory accumulation, real GDP for the third quarter was slightly negative, US government data released Thursday morning show.
Real GDP grew at an annual rate of 2%, below the forecasters' consensus of 2.6%, the Commerce Department reported.
If that's true, the US economy shrank during the third quarter.
The GDP measure of inflation rose at a 5.7% annual rate during the third quarter, following a 6.2% rate of increase during the second quarter.
Disposable personal income fell at a 0.7% annual rate, as prices outstripped income growth.
The reported fall in residential investment knocked 0.38 percentage points off 3rd quarter growth, which means that the 20% annual rate of housing price inflation was higher than the rate of increase of home buying in terms of nominal dollars.
Freight volume is unchanged from 2019, according to the authoritative CASS index, while the cost of shipping is up 50%. Home prices continued to rise at a 20% annual rate in September, according to the S&P Case-Shiller Index.
Friday, October 29, 2021
US economy ground to a halt in third quarter
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