U.S. economy grew slightly faster 6.6% pace in second quarter, new GDP figures show

[mahatmakanejeeves]

Source: MarketWatch

Economic Report

U.S. economy grew slightly faster 6.6% pace in second quarter, new GDP figures show

Published: Aug. 26, 2021 at 8:52 a.m. ET
By Jeffry Bartash

The numbers: The U.S. grew a bit faster in the spring than previously estimated, but not enough to change the underlying growth trend in an economy that’s recovered quite rapidly from the pandemic.

Gross domestic product, the official scorecard for the U.S. economy, rose at a revised 6.6% annual pace in the second quarter, the government said Thursday.

The slight increase in GDP reflected somewhat stronger consumer spending and U.S. exports than initially reported.

The revised GDP report also included the first look at corporate profits in the second quarter. Adjusted pretax profits jumped at a 9.2% annual rate and suggest businesses have plenty of capital to continue to invest and hire.

Indeed, the economy was still expanding at a robust pace in the third quarter even as the delta variant of the coronavirus flared up and government stimulus had mostly evaporated.

Economist polled by the Wall Street Journal estimate third-quarter GDP will increase by 7%.

{snip}

Read more: https://www.marketwatch.com/story/u-s-economy-grew-slightly-faster-6-6-pace-in-second-quarter-new-gdp-figures-show-11629982344

---

That's an annualized rate. If the GDP continues to grow for a year at the rate at which it grew in the second quarter, it will have grown by 6.6 percent for the year. It did not grow 6.6 percent in the second quarter.

[doc03]

1. That is impressive. I think it would be even much

better but the shortage of chips has to be dragging auto sales down significantly.

[gab13by13]

2. It isn't just computer chips,

its potato chips also. Not joking. The supermarket has been out of a lot of items lately. Also, I put in a drainage ditch above my house and couldn't get perforated PVC pipe, I had to get regular pipe and drill holes in them.

[doc03]

3. I heard there was a Catsup shortage bad season

for tomatoes in California.

[doc03]

4. I heard there was a Catsup shortage bad season

for tomatoes in California. Potato chips now that is serious.

[Johnny2X2X]

5. Remember when Trump promised 5% growth?

He delivered just a few quarters over 3% growth annualized.

Biden's is bordering on 7% for the whole year his first year.

A reminder, Trump was the words US President for jobs since Herbert Hoover and he left the economy with the worst year for growth since 1947. He was a total and complete economic disaster.

[oldsoftie]

6. if this is year over year, its not really a big deal.

We had a whole lot of NOTHING in 2020. I'd like to see a comparison to 2019

[Backseat Driver]

7. Oh boy - that thriving economy must be why DH got his SS

supplemental gig, 40 hr job at a whopping $10 an hour reduced to 24 hr. yesterday and effective immediately. Already know that no IT employer in town will hire anyone over 70! Which services and household expenses like maybe car insurance (eat that risk-eeek? though isn't that why there's a line item on everyone's insurance for uninsured driver scrapes?) or the AC in 90 degree weather, or cord-cutter services should we cancel. S*&T! I guess we can go live in the library and use the AC that all you richer young taxpayers provide until they re-lockdown for CoVid, LOL! Can't qualify for SNAP (could get Prime Video for 1/2 price if we could) or wait out the multi-years' waiting list for subsidized housing...We'll likely be dead concurrently with making the top of the list! Just how long will that $400 requisite emergency savings, per government, stretch...Just can't wait til that great big COLA adjustment kicks in just about the time Joe gives us dental, hearing, and vision like the private insurer's approved Advantage plans do for another 10% added to Medicare -- to be sure, I'm very grateful for the lovely semi-safe prison we live in, just like Club Fed...and thank god, the CoVid boosters are covered (not eligible yet as we're not dying fast enough from our chronic pre-existing conditions) even if the gas, car payment, and required car insurance to get there won't be--

that will come out of the food funds--thank the Lord I've got two giant boxes of pancake mix and a service that will deliver eco-friendly, sustainable TP and laundry detergent that comes in the mail that won't take up trucker's time and "plastic" space to deliver and I'll have so much less laundry if I stay in the PJs all day for weeks. Hey, winter is coming!