Amid an economy inflated from massive government handouts and supply chain disruptions, U.S. gross domestic product (GDP) increased at a 6.5 percent annual rate in the second quarter of 2021, falling significantly short of federal projections.
The Commerce Department’s report released Thursday indicated U.S. GDP did not surge from April to June after the first quarter’s 6.3 percent annual growth rate, despite expectations. Wall Street analysts forecasted an 8.5 percent growth rate for that period, even though the recorded economic output is now higher than prior to COVID-19 and lockdowns.
“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,” reported Fox Business.
GDP, a figure representing the value of all goods and services produced in the country, is one way to estimate the…