WASHINGTON (Pakistan Point News / Sputnik - 26th August, 2021) US Gross Domestic Product expanded by 6.6 percent in the second quarter of 2021, the Commerce Department said in its second reading for April-June growth that put growth 0.1 percent higher than previously estimated.
In its last reading for Q2 GDP published on July 29, the Commerce Department put growth at 6.5 percent.
"Real gross domestic product (GDP) increased at an annual rate of 6.6 percent in the second quarter of 2021, reflecting the continued economic recovery, reopening of establishments, and continued government response related to the COVID-19 pandemic," the department said in a statement released Thursday.
The Commerce Department issues three GDP readings for a quarter, and sometimes revises the previous quarter's number when estimating a new quarter.
Economists polled by US media had forecast a second-quarter growth of 6.7 percent on average.
"There were some better signs here on business investment and trade while the consumer data was largely unchanged," economist Adam Button said in a post on ForexLive, commenting on the latest published number.
The Federal Reserve has forecast a 6.5 percent GDP growth for all of 2021, although it says it does not expect "full employment" � defined by an unemployment rate of 4.0 percent or lower � before 2023. The unemployment rate stood at 5.4 percent at the end of July.
