GDP rose at a 6.5% annualized pace in the second quarter, according to the Commerce Department’s first estimate Thursday | Well below expectations;
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That was well below the Dow Jones estimate of 8.5%.
- The U.S. economy rose at a disappointing rate in the second quarter, the Commerce Department reported Thursday in a sign that the U.S. has escaped the shackles of the Covid-19 pandemic but still has more work to do.
- Gross domestic product, a measure of all goods and services produced during the April-to-June period, accelerated 6.5% on an annualized basis. That was slightly better than the 6.3% gain in the first quarter, which was revised down narrowly.
- While that would have been strong prior to the pandemic, the gain was considerably less than the 8.4% Dow Jones estimate.
- Gross private domestic investment fell 3.5% as declines in private inventory and residential investment held back gains. Rising imports and a 5% decline in the rate of federal government spending, despite the ballooning budget deficit, also were factors, the Bureau of Economic Analysis report said.
SOURCE: CNBC
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