Omicron will slow U.S. economic growth -CIO

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"We do think, though, obviously it (U.S. economic growth) will slow down, which is expected given that we are now a full year plus into this recovery with vaccines announced being announced," said Kong.

Some economists expect the U.S. economy to grow more slowly next year after a key Democratic lawmaker dealt a seemingly fatal blow to President Joe Biden's $1.75 trillion spending plan, further clouding an outlook that was facing heightened risk from the rapid spread of the Omicron variant of COVID-19.