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- U.S. economy expands less than anticipated in Q2
U.S. economy expands less than anticipated in Q2
The
Commerce Department released on Thursday its advance estimate for the U.S.
gross domestic product (GDP) for the second quarter of 2021, which revealed the
U.S. economy grew less than expected in the reviewed period.
According
to the estimate, the U.S. real GDP expanded at an annual rate of 6.5 percent
q-o-q last quarter, following a revised 6.3 percent q-o-q growth in the first
quarter (originally a 6.4 percent q-o-q advance), reflecting the continued
economic recovery, reopening of establishments and continued government
response related to the COVID-19 pandemic.
Economists
had expected GDP to increase 8.5 percent q-o-q.
According
to the report, the advance in real GDP in the second quarter reflected gains in
personal consumption expenditures (PCE), nonresidential fixed investment,
exports, and state and local government spending that were partly offset by declines
in private inventory investment, residential fixed investment, and federal
government spending. Meanwhile, imports, which are a subtraction in the
calculation of GDP, went up.
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