GDP SLOWS TO 2%… WEAKEST OF COVID RECOVERY… Food Prices Set To Soar As Oil And Gas Crunch Continues

Economic growth rate slows to 2% on a sharp slowdown in consumer spending

• The U.S. economy grew at a 2% annualized pace in the third quarter, its slowest increase since the end of the 2020 recession.
• Decelerations in consumer spending and residential investment helped keep the number lower.
• Weekly jobless claims fell more than expected last week to a fresh pandemic-era low of 281,000, below the 289,000 estimate.

U.S. posts weakest growth of pandemic recovery

Global Food Prices Set To Soar As The Oil And Gas Crunch Continues

• Oil and gas prices have risen dramatically this year as a result of underinvestment and recovering demand.
• Higher fuel prices are weighing on global food supply chains, with transportation and farming costs continuing to climb.
• The hardest hit will, once again, be those living in developing economies that are still struggling to recover from the impact of the pandemic.

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