US: shortages in auto industry act as a drag on growth in Q3

In H1 2021, real GDP grew at an annualised rate of 6.5%. At the start of the summer, the general sentiment was that a modest slowdown would follow. The first estimate of the national accounts, due out next week, will in fact show a sharper slowdown in Q3. According to some models, the growth rate could be close to zero. The Delta variant has caused absenteeism and disrupted activity in several sectors. In addition, the decline in the automotive market has been further magnified a...