U.S. economy records 6.5% growth
The U.S. economy grew at 6.5% during the second quarter of 2021, according to an Associated Press report. The growth has allowed the economy to surpass its pre-pandemic size, a sign that the nation has achieved a sustained recovery from the pandemic recession. Consumer spending advanced at an annual rate of 11.8% and spending on goods grew at 11.6%. Spending on services — such as restaurant meals and airline tickets — increased by 12%. Gains are expected to continue with predictions for growth in all of 2021 at 7% for the economy as a whole. If realized, the calendar-year growth would be the strongest since 1984 and mark a sharp reversal from last year’s 3.4% economic contraction, the worst in 74 years.