During the third quarter of 2021, US GDP continued the recovery that began in 3Q20, despite shrinking its growth as it registered a positive year-on-year growth rate of 4.90%. The recovery of economic activity during this period was the result of the increase in private consumption and investment, meanwhile public consumption rose to a lower extent. Regarding external demand, imports year-over-year growth outpaced exports one. The unemployment rate registered a decrease, reaching a rate of 5.10%, while the employment growth decelerated to 4.76%. Inflation increased compared to the previous quarter and stood at a rate of 5.43%. Regarding the US dollar, it appreciated against the euro, standing at an average exchange rate of 1.18 $/€ during the third quarter of the year.


Macroeconomic outlook report: USA 3Q21

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Macroeconomic overview

  • The U.S. economy experienced an increase and registered a year-over-year rate of 4.90% during the third quarter of 2021, slowing down by 7.30 p.p. when compared to the previous quarter. The resurgence of Covid cases, as a result of new variants, led to the implementation of new restrictions in some parts of the country, which alongside the shrinkage of the external demand; derived from persistent supply chain disruptions, held back the economic recovery.
  • Regarding the labor market, the unemployment decreased by 0.80 p.p. with respect to the second quarter of 2021, reaching a rate of 5.10%. On the other hand, the year-on-year growth rate of employment decreased by 5.34 p.p. when compared to 2Q21, recording a 4.76% rate.
  • The US dollar appreciated against the euro compared to the second quarter of 2021, registering an exchange rate of 1.18 $/€ during 3Q21.
  • During 3Q21, inflation in the US registered a rate of 5.43%, after an increase of 0.39 p.p. compared to the previous quarter.

For more information, click here to access the executive document in pdf (only avalaible in English).