The second quarter of 2021 saw some big growth but unfortunately, it was well under expectations, according to the latest data from the Burea of Economic Analysis… (BEA)
- Real gross domestic product increased at an annual rate of 6.5 percent in the second quarter of 2021.
- This was slightly up from the 6.3% growth rate we saw in the first quarter.
SWING AND A MISS: Expectations were high for the second quarter that unfortunately were not met. Economists had projected an 8.5% annual growth
Spending was up but personal income and savings were down…
- Spending jumped to $15.67 trillion, a 4.4% increase from the first quarter and was up 20.6% from the same quarter a year ago.
- Incomes fell to $20.55 trillion, a 6% drop from the first quarter but was a 1% increase from the same quarter a year ago.
- Personal savings plummeted to $1.97 trillion, a 52% drop from the first quarter and a 59% drop from the same quarter a year ago.