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The Bureau of Economic Analysis announced that seasonally adjusted U.S. real GDP grew at a 6.5% annual rate in Q2. That’s well above the 3.1% average growth that the U.S. experienced over 1947-2019.
The Q2 growth puts the level of GDP at a new high, 0.8% above the peak that was reached in 2019:Q4 before the COVID recession began.
In terms of the breakdown of the Q2 GDP numbers, consumption spending, spurred by fiscal stimulus payments, led the way.