U.S. gross domestic product grew disappointingly in the third quarter, at just 2 percent, below market expectations of 2.8 percent, and the weakest increase since the end of 2020, according to economic data.
According to the analysis, consumer spending, which accounts for 69% of U.S. GDP, increased by only 1.6% in the third quarter after a sharp increase of 12% in the second quarter. Among them, consumer product expenditure fell by 9.2%. The total sales expenditure of durable goods products such as automobiles and household appliances fell sharply by 26.2%.
According to Bloomberg news analysis, due to the shortage of chip supply, car sales fell by 41.6% year-on-year. This is the biggest drop since the outbreak of the epidemic in February last year. Management of large automakers, including Ford and General Motors, said the problem of the impact on production due to chip shortages would continue into 2023.
According to the analysis of the Wall Street Journal, in addition to the shortage of global chips, in addition to the shortage of output, the transportation of finished chips has made the plight of producers worse. Some product manufacturers have extended the waiting time for chip purchases to more than one year, and the industries affected by chip supply problems have also expanded to medical devices, electronic cigarettes, smart phones and computers.
The report pointed out that the chip manufacturers with a total value of $464 billion have also been unable to increase production due to supply and transportation bottlenecks. A number of chip manufacturers, including Intel Corporation, also expressed pessimism about the full year's business prospects when they announced their performance reports.
Source: Phoenix TV Pang Zhe, Zhang Zhaoyu Reported in New York
Edit: Autumn fruit