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given the unprecedented nature of the destructions of opening disruptions we remain attentive to risk and will ensure our policy is well-positioned to address the full range of possible economic outcomes. i will say more about our monetary policy decisions reviewing recent economic developments. gdp growth slowed noticeably. a summer surge of the delta variant held back the recovery in travel and leisure. activity has been restrained by bottlenecks. notably in the motor vehicle industry. demand has been strong this year buoyed by monetary policy support and financial positions of households and businesses. with covid seating further and vaccination progress, economic with covid receding further and vaccination progress, the demand for workers remains strong. the pace of improvement had slowed with the rise of covid cases. a slowdown has been concentrated in sectors close to the pandemic including leisure and hospitality. unemployment rate was 4.8% in september. th ....
given the unprecedented nature of the destructions of opening disruptions of opening the economy, we remain attentive to risk and make sure we are well positioned to address the range of economic outcomes. i will say more about the monetary decisions after reviewing recent developments. economic activity expanded at a 6.5% pace in the first half of the year, reflecting progress on vaccinations, the reopening of the economy, and strong policy support. in the third quarter, real gdp growth slowed noticeably. a summer surge of the delta variant held back the recovery in travel and leisure. activity has been restrained by bottlenecks. notably in the motor vehicle industry. demand has been strong this year buoyed by monetary policy support and financial positions of households and businesses. with covid seating further and vaccination progress, economic with covid receding further and vaccination progress, the demand for workers remains strong. the pace of improvement ....
opening the economy, we remain attentive to risk and make sure we are well positioned to address the range of economic outcomes. i will say more about the monetary decisions after reviewing recent developments. economic activity expanded at a 6.5% pace in the first half of the year, reflecting progress on vaccinations, the reopening of the economy, and strong policy support. in the third quarter, real gdp growth slowed noticeably. a summer surge of the delta variant held back the recovery in travel and leisure. activity has been restrained by bottlenecks. notably in the motor vehicle industry. demand has been strong this year buoyed by monetary policy support and financial positions of households and businesses. with covid seating further and vaccination progress, economic with covid receding further and vaccination progress, the demand for workers remains strong. the pace of improvement had slowed with the rise of covid cases. a slowdown has been concentrated in sect ....
rate by one quarter of percen percentage point. our decision reflects the progress the economy has made and is kpekexpected to make of maximum employment and price stability objectives that s signed to us booy law. we released today of principles and plans and additional information on the process that we ll follow in normalizing the size of our balance sheet once we determine it is appropriate to do so. i will have more to say of our interest rate decision and our balance sheet policy. first, i will review recent economic developments and the outlook. following a slow down in the first quarter, economic growth appears to free bounded and of a moderate growth so far this year. household spending which is particularly soft earlier this year has been supported by the solid fundamentals including con going improvement in the job market and relatively high levels of consumer sentiment and wealth. business investments which was weak from much of last year has continued to ex ....
with the moderation, of the levels that s needed to provide for new interest in the labor market, we do have a strengthening economy with policy accommodative, all that we are doing in raising rates is removing a bit of accommodation heading toward a neutral pace. i see that as appropriate. were not moving so aggressively as to put a break on continued improvement in the labor market, but i think that is a prudent move to move in a gradual way with unemployment now and, any indicator of labor market performance and tightness that you could look at, whether it s household perceptions of the availability of jobs, difficulty that firms report in hiring workers, the rate at which workers are quitting their jobs, the rate of job openings, all of these indicators do signal a tight labor market. with inflation below 2%, i think it s appropriate that the labor market be that tight, but on the other hand, i think we want to avoid the risk, we want to keepe path and avoid the ris ....