FOR IMMEDIATE RELEASE
October 28, 2021
Washington, DC

Credit Union National Association (CUNA) Senior Economist Dawit Kebede, PhD, issued the following statement after the U.S. Commerce Department released its third-quarter gross domestic product (GDP) report:

“Economic growth in the third quarter slowed down due to a temporary surge in the Delta virus, worsening supply chain disruptions and labor shortages. Consumer spending decelerated in this period because of declining auto sales due to computer chip shortages. Delta also slowed the increased momentum in travel and hotel spending seen in the previous quarter.

“As Delta cases continue to subside, there may be more growth in the fourth-quarter as consumers will be more willing to spend on services involving in-person interactions. The supply chain challenges, however, will likely continue until next year making it difficult to satisfy increased consumer demand.”

###

About CUNA:           
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 120 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.

CONTACT:
Lauren Williams
CUNA Communications
202-672-3396