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

US Unemployment Claims Rise After Hitting Pandemic Low

WASHINGTON (AP) — The number of Americans seeking unemployment benefits moved up last week to 332,000 from a pandemic low,... Read More

WASHINGTON (AP) — The number of Americans seeking unemployment benefits moved up last week to 332,000 from a pandemic low, a sign that worsening COVID infections may have slightly increased layoffs. Applications for jobless aid rose from 312,000 the week before, the Labor Department said Thursday.... Read More

Census: Relief Payments Staved Off Hardship in COVID Crash

WASHINGTON (AP) — The share of Americans living in poverty rose slightly as the COVID-19 pandemic shook the economy last... Read More

WASHINGTON (AP) — The share of Americans living in poverty rose slightly as the COVID-19 pandemic shook the economy last year, but massive relief payments pumped out by Congress eased hardship for many, the Census Bureau reported Tuesday. The official poverty measure showed an increase of... Read More

Adapt or Else: Downtown Businesses Cope With New Reality

NEW YORK (AP) — Downtown businesses in the U.S. and abroad once took for granted that nearby offices would provide... Read More

NEW YORK (AP) — Downtown businesses in the U.S. and abroad once took for granted that nearby offices would provide a steady clientele looking for breakfast, lunch, everyday goods and services and last-minute gifts. As the resilient coronavirus keeps offices closed and workers at home, some... Read More

U.S. Produce Prices Up 8.3% in August From a Year Earlier

WASHINGTON (AP) — Inflation at the wholesale level climbed 8.3% last month from August 2020, the biggest annual gain since... Read More

WASHINGTON (AP) — Inflation at the wholesale level climbed 8.3% last month from August 2020, the biggest annual gain since the Labor Department started calculating the 12-month number in 2010. The Labor Department reported Friday that its producer price index — which measures inflationary pressures before... Read More

White House Competition Council Seeks Lower Consumer Prices

A new White House council on U.S. economic conditions plans to hold its first meeting Friday, with participants to highlight... Read More

A new White House council on U.S. economic conditions plans to hold its first meeting Friday, with participants to highlight at least 18 actions taken to help consumers and potentially lower prices. The council, an outgrowth of a July executive order by President Joe Biden, is... Read More

September 8, 2021
by Dan McCue
Yellen Warns US May Hit Debt Limit in October

WASHINGTON -- Treasury Secretary Janet Yellen is warning Congress that she will run out of maneuvering room to prevent the... Read More

WASHINGTON -- Treasury Secretary Janet Yellen is warning Congress that she will run out of maneuvering room to prevent the U.S. from broaching the government’s borrowing limit in October. In a letter to congressional leaders on Wednesday, Yellen said that she could not provide a specific... Read More

News From The Well
scroll top