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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.

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