Sustained recovery: US economy grew at solid 6.5% rate last quarter
WASHINGTON (AP) — Fueled by vaccinations and government aid, the U.S. economy grew at a solid 6.5% annual rate last quarter in another sign that the nation has achieved a sustained recovery from the pandemic recession.
Thursday’s report from the Commerce Department estimated that the nation’s gross domestic product — its total output of goods and services — accelerated in the April-June quarter from an already robust 6.3% annual growth rate in the first quarter of the year. The quarterly figure was less than analysts had expected, but the economy was likely held back mainly by supply shortages in goods, components and labor.
For all of 2021, the economy is expected to expand about 7%. That would be the strongest calendar-year growth since 1984. And it would mark a sharp reversal from last…