pushes his new spending plan. research shows that you come in the grid at slowest pace since the recovery began last year. gdp growing just to present in the third quarter and not short of expectations and down from 6.7% in the quarter before that. let s bring in susan lee from fox business. is there great concern about slowing growth in this country as we make plans to spend more money? there has to be. you know that heading into this year, wall street and that it government having a blowout economic recovery, you died gdp forecast for six or eight and 7% in 2021 and that would be the fastest since the early 1980s. it is been the new reality that was set in today with a really disappointing gdp number over the summer time yes, the delta variant spread but what about the supply chain bottlenecks and inflation and skyrocketing prices, that s really hurting the consumer. you look through this report, and so did i. personal consumption falling off a cliff, spending on goods down
breaking news. brand-new gdp numbers, i have no idea what they are. christine romans does. 2%. that is less than expected. it is a downshift from the spring when we had a really robust 6.7% economic growth. i ll tell you why. no surprise here, the delta variant was surging, so there were new restrictions that people put on themselves because of the delta variant. supply chain bottlenecks, rising prices, and acute worker shortage. all things at play in the quarter, so, john, look at the trajectory here this is 2.7%. sharp deceleration from the spring before we had the delta variant. and, look, this is the whole covid nightmare, right. the economy crashed. it bounced back sharply. we wanted to see this continue to move higher. but now you re looking at a 2% range is just about what we had kind of on average during the trump administration. so we would be looking for something sharper and more robust. i will remind you this is still
or because of the supply chain bottlenecks they have seen. it is not expected to stop soon, so it is expected to continue as the global economy worked their way through this problem. we have had the tech giant reporting some really impressive numbers, microsoft, for example, now trading again at an all time high. they beat their earnings revenue, as did alphabet from google. there are very strong earnings come from the tech sector. it is expected to slow slightly but that is expected given the boom we have had from those companies. timer;r had from those companies. they concern the had from those companies. they concern the markets had from those companies. they concern the markets and - concern the markets and investors is the higher costs because of the failure of supply to keep up with demand due to the global supply chain problems and that could fuel
inflation. , , ., , inflation. yes, this does a - ear inflation. yes, this does appear to inflation. yes, this does appear to be inflation. yes, this does appear to be a - inflation. yes, this does appear to be a very - inflation. yes, this does appear to be a very big l inflation. yes, this does - appear to be a very big focus for the markets as well. we know that inflation is extremely high currently and it does look like it could continue going higher if manufacturing firms specifically start to pass on those increases they are experiencing because of supply chain bottlenecks. because the economy is in a very difficult situation where we have persistent elevated inflation and slowing growth, and that will be a place where the central bank is going to not want to be. want to be. thank you very much, fiona. thank you very much, fiona. now, with all eyes on the cop26 conference, people are thinking about ways to save the planet. but it s notjust about politicians and big busines
welcome back. families across america are paying more for basically everything right now. and part of the reason is the supply chain bottlenecks. it means it costs more to get goods where they need to go. now some prominent economic voices worry this could go on for a while. let s bring in cnn economics commentator catherine ranpel to help me break it down. catherine, inflation is ramping up at the worst time. you have thanksgiving turkeys, christmas trees. everything is going to be more expensive. how should families prepare for these price hikes? i think they need to manage expect expectations and figure out what they can and can t do without and a time frame. some families are already beginning their shopping for christmas gifts so they don t have to worry about last-minute stock outs for little jimmy s favorite toy come early december.