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US GDP Lacks Expectations, Rises Only 6.5% in Q2 By

US GDP Lacks Expectations, Rises Only 6.5% in Q2 By
US GDP Lacks Expectations, Rises Only 6.5% in Q2 By

© Reuters.

Di Geoffrey Smith – The US economy did not grow as much as analysts expected in the second quarter as a lack of jobs and products in various sectors overshadowed the recovery in services.

The service sector restarted between April and June, when the country’s vaccination campaign together with seasonal factors allowed the cancellation of some measures put in place to stop the spread of Covid-19.

However, it grew at an annual rate of 6.5%, well below the expected increase of 8.5%, recording only a minimal acceleration from the 6.4% growth of the first quarter.

This is the first reading of the GDP data and could undergo revisions in the coming weeks.

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