Navellier & Associates chairman and founder Louis Navellier on his predictions for the markets in 2022 and how the political landscape impacts wall street.
U.S. economic growth was revised slightly higher in the third quarter, but still slowed sharply from the spring amid a surge of COVID-19 infections nationwide that forced consumers to pull back on spending.
Gross domestic product, the broadest measure of goods and services produced across the economy, grew by 2.3% on an annualized basis in the three-month period from July through September, the Commerce Department said in its third and final reading of the data Wednesday. While that's an increase from the 2.1% estimated last month, it still marks the slowest since the second quarter of 2020, when the economy was in the throes of the shortest, but steepest, recession in nearly a century.
The economy grew at an annual revised rate of 6.7% in the second quarter.
FED DOUBLES TAPER RATE, EYES THREE RATE HIKES IN 2022
The third-quarter slowdown also reflected pandemic-induced disruptions in the supply chain that limited the availability of goods such as motor vehicles, as well as the evaporation of federal stimulus money provided to businesses, households and state and local governments.