US economic growth rose slightly in the second quarter to 6.5 per cent on an annualised basis, a weaker-than-expected increase as strong consumption was offset by lagging private investment.
The data from the US commerce department on Thursday fell short of economists’ forecasts of 8.5 per cent growth on an annualised basis, and compared with a 6.3 per cent increase during the first quarter.
The second quarter rise in GDP, which was partly fuelled by Joe Biden’s $1.9tn stimulus package, brought US output back above its pre-pandemic level for the first time since Covid-19 struck.
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