Softer Q3 economic data clouds the outlook

Consumer spending downshifts as the Delta variant surges and higher consumer prices erode consumers’ purchasing power.
A line chart showing growth. See image description.
A line chart showing growth ranging from 1.8% in January 2019 to a high of 7.8% in April 2020, a low of -3.7% in April 2021 and the latest reading of -1.2% in July 2021.