US Economy Grows 6.5% in Q2; Surpasses Pre-Pandemic Size

What Happened:

• On Thursday, the Commerce Department released a report showing that the US economy grew a robust 6.5% in the second quarter, another sign that the economy is in a recovery.

• With the acceleration in the nation's GDP (gross domestic product), the total size of the economy has actually surpassed the pre-pandemic level.

• The quarterly numbers, although positive, were lower than what analysts had expected, mostly due to supply chain bottlenecks.

• Consumer spending also grew 11.6% as vaccinated Americans continue to gain confidence to go out to shop and eat.

• Analysts say that, at this pace, the US economy may grow as much as 7% in 2021. If it hits that target, it would be the strongest growth year since 1984.

Photo Source: commerce.gov

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