The U.S. grew 6.5% in the spring, GDP shows, as the economy rallied from Covid
The numbers: The U.S. grew at a blistering pace in the spring and repaired much of the damage caused by the pandemic thanks to widespread coronavirus vaccinations and a nearly full reopening of the economy.
Economists polled by The Wall Street Journal had forecast a 9.1% increase in GDP, but a surprising decline in government spending held down the overall increase.Last spring, the U.S. posted the single biggest economic contraction on record when the pandemic slammed the economy. GDP fell by a more than 30% annual clip.
Key details: Consumer spending, the main engine of the economy, rocketed 11.8% higher in the spring, the government said Thursday. That’s four times faster than the typical increase each quarter. These shortages have forced companies to pay higher prices and in some cases scale back factory hours.Spending fell on structures such as office buildings, plants and oil rigs.
In a surprising twist, government outlays fell 1.5% in the second quarter. Washington has pumped trillions of stimulus money into the economy, but spending dropped off in the second quarter after a 4.2% spike in the first three months of the year.
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