The U.S. grew a bit faster in the spring than previously estimated. GDP rose at a revised 6.6% annual pace in the second quarter. The slight increase in GDP reflected somewhat stronger consumer spending and U.S. exports than initially reported.
The numbers: The U.S. grew a bit faster in the spring than previously estimated, but not enough to change the underlying growth trend in an economy that’s recovered quite rapidly from the pandemic.
The revised GDP report also included the first look at corporate profits in the second quarter. Adjusted pretax profits jumped at a 9.2% annual rate and suggest businesses have plenty of capital to continue to invest and hire. The coronavirus delta variant is still a wild card, but the biggest problems confronting the economy are widespread shortages of labor and materials that have caused inflation to soar and threaten to slow the recovery.Key details: Consumer spending, the lifeblood of the economy, increased by a revised 11.9% in the second quarter vs. the initial 11.8% estimate. Consumer outlays account for about 70% of economic activity.
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