facebook linkedin twitter

US Economy Continues to Grow, Eclipses Pre-Pandemic High

July 29, 2021 by TWN Staff

WASHINGTON — The U.S. economy grew at an annualized rate of 6.5% in the second quarter, as vaccinations that released pent up consumer activity finally lifted the nation out of the pandemic-sized crater it had been in for more than a year.

The numbers released Thursday by the Commerce Department’s Bureau of Economic Analysis were below the 8% growth forecast by economists, but they also marked the second-fastest quarterly growth spurt in the economy since 1983.

The biggest surge was between July and September of last year, when the annualized growth rate was 33.4% at a time of incredible volatility in the economy due to the pandemic.

Economists said Thursday that the likeliest cause for the economy missing the forecast growth rate was sparse inventories and a supply chain that still hasn’t caught up with consumer demand.

Economy

Commerce Head Out to Save US Jobs, 1 Computer Chip at a Time

WASHINGTON (AP) — Gina Raimondo only wears watches made by Bulova — a company that laid off her scientist father,... Read More

WASHINGTON (AP) — Gina Raimondo only wears watches made by Bulova — a company that laid off her scientist father, closed its Rhode Island factory and moved production to China in 1983. The watches give Raimondo, the U.S. commerce secretary, a sense of mission as President... Read More

October 14, 2021
by Dan McCue
White House Action on Supply Chain Bottleneck Seen As First Step To Ending Crisis

WASHINGTON -- They’ve almost become as ubiquitous as scenes of weathermen and women leaning into the fierce winds of a... Read More

WASHINGTON -- They’ve almost become as ubiquitous as scenes of weathermen and women leaning into the fierce winds of a tropical storm during hurricane season. We refer, of course, to the daily television news footage of a reporter bobbing up and down in a decidedly modest... Read More

US Wholesale Prices Rose Record 8.6% Over 12 Months

WASHINGTON (AP) — Inflation at the wholesale level rose 8.6% in September compared to a year ago, the largest advance... Read More

WASHINGTON (AP) — Inflation at the wholesale level rose 8.6% in September compared to a year ago, the largest advance since the 12-month change was first calculated in 2010. The Labor Department reported Thursday that the monthly increase in its producer price index, which measures inflationary... Read More

October 13, 2021
by Dan McCue
White House Steps Up Fight Against Supply Chain Woes

WASHINGTON --  In an ideal economy, the nation’s supply chains work something like this: raw materials, finished products and ready-to-assemble... Read More

WASHINGTON --  In an ideal economy, the nation’s supply chains work something like this: raw materials, finished products and ready-to-assemble merchandise like cars and trucks flow into the nation’s ports. The largest of these ports, those blessed to sit on deep-water harbors, typically have rail tracks... Read More

October 12, 2021
by Dan McCue
IMF Downgrades Global Growth Outlook on Supply Chain Woes, Uncertainty

WASHINGTON -- The International Monetary Fund on Tuesday downgraded its estimate for global gross domestic product growth this year, citing... Read More

WASHINGTON -- The International Monetary Fund on Tuesday downgraded its estimate for global gross domestic product growth this year, citing supply chain concerns and uncertainties related to the pandemic. However, the global financial institution suggests growth should rebound next year. The IMF publishes its World Economic... Read More

US Employers Add a Weak 194,000 Jobs as Delta Maintains Hold

WASHINGTON (AP) — U.S. employers added just 194,000 jobs in September, a second straight tepid gain and evidence that the... Read More

WASHINGTON (AP) — U.S. employers added just 194,000 jobs in September, a second straight tepid gain and evidence that the pandemic still has a grip on the economy with many companies struggling to fill millions of open jobs.  Friday's report from the Labor Department  also showed... Read More

News From The Well
scroll top