JUST IN: U.S. GDP increased at a 2% annualized pace in Q3.
A truck picks up a shipping container at the Port of Savannah in Georgia. The supply chain crisis has created a backlog of nearly 80,000 shipping containers at this port, the third-largest container port in the United States, with around 20 ships anchored off the Atlantic coast, waiting to offload their cargo.The rate of growth for the U.S.
Declines in residential fixed investment and federal government spending helped hold back gains, as did a surge in the U.S. trade deficit, which widened to a near-record $73.3 billion in August. In a separate economic report, jobless claims totaled 281,000 for the week ended Oct. 23, another pandemic-era low and better than the 289,000 estimate. The total marked a decrease from the previous week's 291,000.The July-to-September period saw a major clogging of the nation's supply chain, which in turn dampened a recovery that began in April 2020 following the shortest but steepest recession in U.S. history.
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