Growth remains steady as in the second quarter, the economy expanded 6.5 percent on an annualized
basis, even with supply-chain challenges and a labor shortage. With amplified federal unemployment
benefits ending in September, the highest level of available jobs on record, and the national eviction
moratorium expiring soon, more workers may reenter the workforce in the near future.
Since February of 2020, core retail sales have soared 16.8 percent, and additional gains are anticipated
in the second half of this year. Retail gains are anticipated through the summer and the fall should
bring more business travelers, who make up an sizable share of the industry.
Personal consumption grew at an annualized rate of 11.8 percent of GDP last quarter. Services, which
had been challenged during the recession, continue to bounce back due to reopening and in the
second quarter, services expanded by 12 percent. Fixed residential development, declined 9.8 percent
last quarter but as inventory issues abate in the coming months through the reopening of global trade,
economic growth could accelerate.
View the full article here: Gross Domestic Product.