recovery is losing steam. third quarter gdp showing that growth has fallen to 4.9% well below a poll of analysts that reuters conducted. also a sign that power outages and supply chain bottlenecks are taking a toll on the world s second largest economy. it s the weakestpace since the third quarter of 2020 and slowing from 7.9% in the second quarter. joining me now isjinny yan, chief china economist at icbc standard bank. welcome, great to see you, what do you think these figures tell us? actually, things aren t too bad. i think the key indicators suggest that the main slowdown is coming from the industrial activity. we also know that we had flooding, power outages, and obviously those emission targets set by the central government trying to be delivered by local government.
go as far as it used to. that ultimately could be a really big drag on the economy, and a drag on all of our household balance sheets. so that s the big concern here. these supply chain bottlenecks are just part of it. experts say one of the issues here is that we had a supply chain system going into the pandemic that really had no margin for error. i mean, everything comes in when it comes in, it gets to where it has to go. a lot of this is concentrated in ports from asia, probably more so than needed to be. that is likely to change coming out of pandemic. but again, that leads to more costs, potentially more inflation. and it s one big aspect, big effect of this pandemic that we haven t been focusing on too much. but we will be for some time to come. we re doing it today with you, my friend. thank you so much, scott cohn. new information about a key player in former president trump s attempts to overturn the 2020 election. jeffrey clark now faces a subpoena by the house committee
he gave a brief answer. i did to reduce exchange. the report is that you don t think supply-chain bottlenecks are threatening the economy? the president replied they threaten the economy, the overall economy, should they have an impact on it because of covid and we ve got to catch up. neil: they never address the high-class issue head on. is it high-class to say only the upper-class are paying more for gas, paying more for before veggies? i understand the demand of things building up but to relegate that to a sector of the population seems idiotic. it is more about the tweeting habits of the white house chief of staff which the white house press secretary jen psaki said it is not priority to follow the habits of the chief of staff. he s the boss second to the president at the white house.
they handcuffed me behind my back and let me to the cruiser where i sat for 3 hours. they decided visiting hours were over at 7:00 and i should leave and i told them i cannot in good conscience leave my daughter when i don t know whether she is going to live through the night. reporter: she stands by her decision, spent 24 hours in jail and has a court appearance next week. todd: a scramble to fix supply chain bottlenecks, president biden is touting his new game changing plan. the port of los angeles will open 60 hours a week by increasing the number of late-night hours of operation today s announcement has the potential to be a game changer. now we need the rest of the private sector. todd: joining the to discuss