The U.S. economy grew less than expected in the three months through June as supply-chain disruptions and labor shortages slowed the pace of economic activity while the country reopened from its COVID-19 lockdowns.
Gross domestic product – the broadest measure of economic performance – grew at a 6.5% annual rate during the second quarter, according to an advance estimate released Thursday by the Commerce Department. Analysts surveyed by Refintiv were expecting 8.5% growth. First-quarter GDP was revised down to 6.3% from its previous reading of 6.4%.
The above-trend growth in the second quarter reflected the continued reopening of the U.S. economy and government support via business loans, stimulus checks and extended unemployment benefits.
Thursday’s report offers “more evidence that stimulus provided surprisingly little bang for its buck, with the economy quickly pushing against unexpected supply constraints instead, which have driven inflation higher,” said Paul Ashworth, chief U.S. economist at Capital Economics.
Keep reading at Fox Business for more.
” U.S. GDP Falls Short of Expectations “…. Yeah, No Kidding Sherlock, demonRATs are good that, making strong economies weak, Taxing the Crap out of us, and spending us into oblivion….
I love to when they gave Biden credit for jobs created and it was actually people returning to work as businesses were allowed to open back up. He has killed more jobs shutting down the pipeline than he will create in 4 years, yet the media will praise him for drinking his prune juice