Stamford Advocate

Survey: Growth ‘downshifte­d’ in summer


U.S. economic activity “downshifte­d slightly to a moderate pace” in July and August due to rising concerns about COVID’s delta variant, as well as supply chain problems and labor shortages, the Federal Reserve’s latest survey of the nation’s business conditions revealed. The Fed survey, released Wednesday, said the slowdown was largely attributab­le to a pullback in dining out, travel and tourism in most parts of the country, reflecting concerns about the spread of the delta variant. The Fed also said some sectors of the economy had been constraine­d by supply chain disruption­s and labor shortages. It noted particular weakness in auto sales attributed to low inventorie­s caused by a shortage of computer chips.

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