U.S. GDP increased 6.5% in the second quarter, well below expectations

U.S. GDP increased 6.5% in the second quarter, well below expectations
Fox 5 DC video

[Ed. – Hardly surprising with nothing but promises of trillion-dollar spending plans from the White House and congressional Dems.]

The U.S. economy rose at a disappointing rate in the second quarter in a sign that the U.S. has escaped the shackles of the Covid-19 pandemic but still has more work to do, the Commerce Department reported Thursday.

Gross domestic product, a measure of all goods and services produced during the April-to-June period, accelerated 6.4% on an annualized basis. That was slightly stronger than the 6.3% gain in the first quarter, which was revised down slightly.

While that would have been strong prior to the pandemic, the gain was considerably less than the 8.4% Dow Jones estimate.

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The gain also was a yardstick for how far the economy has come from the shutdowns imposed during the early days of the pandemic, when government across the country halted large swaths of economic activity to combat the Covid-19 spread.

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