WATCH: Biden speaks on supply chain issues, economic growth

The U.S. economy grew at a 2.3 percent rate in the third quarter according to a third and final estimate of the nation’s economic growth for that period. But prospects for a solid rebound going forward are being clouded by the rapid spread of the latest variant of the coronavirus.

Watch Biden’s remarks in the player above.

The Commerce Department said Wednesday that the nation’s total output of goods and services, was higher than last month’s estimate of 2.1 percent growth in the third quarter.

The new-found strength came from primarily from stronger consumer spending than previously thought and a stronger performance by businesses in rebuilding their inventories.

On Wednesday, President Joe Biden convened a meeting of his supply chain disruptions task force virtually and in-person in Washington, where he touted what he said was significant progress in alleviating bottlenecks at the ports and other issues that had created shortages of goods and contributed to higher prices for consumers.

Biden said that retail inventories are up 3 percent from last year and on-shelf availability for products is at 91 percent, close to where it was before the pandemic.

“Packages are moving. Gifts are being delivered. Shelves are not empty,” Biden said.

Still, it is what is unknown that is of concern to many economists, who say it is far too early to declare an all-clear on the threats posed by the new variant.