But prospects for a solid rebound going forward are being clouded by the rapid spread of the latest variant of the coronavirus.
The 2.3 percent third quarter gain follows explosive growth that began the year as the country was emerging from the pandemic, at least economically. Growth soared to 6.3 percent in the first quarter and 6.7 percent in the second quarter. The emergence of the Delta variant in the summer was blamed for much of the third quarter slowdown.
President Joe Biden convened on Wednesday a meeting of his supply chain disruptions task force virtually and in-person in Washington, where he touted what he said was significant progress in alleviating bottlenecks at the ports and other issues that had created shortages of goods and contributed to higher prices for consumers.
Oxford Economics has trimmed its forecast for economic growth for the current quarter from 7.8 percent to 7.3 percent, which would still represent a sizable rebound from the third-quarter slowdown. She said under these assumptions, job growth could be 750,000 lower by this time next year if economic growth slows as much as she fears.
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