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U.S. Falls Far Short Of Second-Quarter GDP Growth Projections
The American economy missed second-quarter GDP growth projections by a significant margin.
By Daily Wite, July 29, 2021:
According to data released by the Department of Commerce on Thursday, the annualized GDP growth rate rose to 6.5% between April and June of this year. Although improving from 6.3% in the first quarter of 2021, the metric fell short of the 8.4% Dow Jones estimate.According to a press release from the Bureau of Economic Analysis:
The second-quarter increase in real GDP reflected increases in consumer spending, business investment, exports, and state and local government spending that were partly offset by decreases in inventory investment, housing investment, and federal government spending. Imports, a subtraction in the calculation of GDP, increased.
The increase in consumer spending reflected increases in services (led by food services and accommodations) and goods (led by other nondurable goods, notably pharmaceutical products).
The increase in business investment reflected increases in equipment (led by transportation equipment) and intellectual property products (led by research and development).
CNBC notes that investment and savings rates dropped in the second quarter:
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