You can’t buy what you can’t get. That, in short, was the story for the U.S. economy in the third quarter.
The Commerce Department on Thursday reported that gross domestic product grew at an inflation-adjusted 2% annual rate in the third quarter over the previous quarter, slowing from a 6.7% pace in the second quarter and below the 2.8% economists had penciled in. The details of the report plainly showed it was largely a lack of supply, rather than a waning of demand, that led to the slowdown.
