From Emily McCormick. She usually does the initial jobless claims. She must have been pulled off that to do this. I haven't seen those articles yet. They'll be up by the time I get back to the pages.
U.S. economy expanded at 6.5% annualized rate in Q2, missing expectations
Emily McCormick·Reporter
Thu, July 29, 2021, 8:33 AM · 3 min read
Growth in U.S. economic activity accelerated only slightly in the second quarter compared to the first, disappointing economists expecting that the lingering effects of fiscal and monetary stimulus and strong consumer and business demand would fuel further growth.
The U.S. Bureau of Economic Analysis released its advanced estimate of second-quarter gross domestic product (GDP) Thursday morning at 8:30 a.m. ET. Here were the main metrics from the report compared to consensus data compiled by Bloomberg:
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Q2 GDP, seasonally adjusted annualized quarter-over-quarter: 6.5% vs. 8.4% expected and 6.4% in Q1
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Personal consumption: 11.8% vs. 10.5% expected and 11.4% in Q1
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Core personal consumption expenditures, quarter-over-quarter: 6.0% vs. 6.1% expected and 2.5% in Q1
The headline print in quarterly GDP missed the mark even as consumer spending, the biggest component of U.S. economic activity, exceeded expectations. Personal consumption rose at an 11.8% rate in the second quarter, unexpectedly accelerating from the first quarter's 11.4% growth rate and handily topping expectations for a 10.5% increase.
Heading into Thursday's report, the Commerce Department's monthly retail sales figures grew in April and June during the quarter, and have held markedly higher on a year-over-year basis since the summer of last year. That impact, though, is seen decelerating moderately going forward after government-issued stimulus checks turbo-charged consumer spending at the start of the year.
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