US GDP grew in the third quarter by just two percent on an annualized basis. The new strain of coronavirus, supply chain disruptions, labor shortages and rising prices have posed major obstacles to economic recovery.

Economists had forecast growth of 2.7 percent, such indicators of the third quarter became the worst since the end of 2019. The country also faced a slowdown in consumer spending. While American incomes rose by $47.8 billion due to higher wages, disposable income actually fell by 0.7 percent ($29.4 billion).