The U.S. economy grew at a 2.3% rate in the third quarter according to a third and final estimate of the nation's economic growth for that period.
Noah Berger/AP, FILE
The new-found strength came primarily from stronger consumer spending than what was previously thought, as well as businesses rebuilding their inventories more than initial estimates revealed. Those fears have sent the stock market on a turbulent ride in recent days, although new optimism that the omicron risks will be manageable sent the Dow Jones industrial average up 560 points Tuesday.Economists say it is far too early to declare an all-clear on the threats posed by the new variant.
After Sen. Joe Manchin voiced opposition to his party’s spending plans, Goldman Sachs cut its GDP forecast to 2% from 3% for the first quarter, 3% from 3.5% for the second quarter, and 2.75% from 3% in third quarter. “Omicron has been so rampant,” Bostjancic said. “We think it is going to take a pretty big toll on economic activity.”
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