US Economy Surpasses Pre-Pandemic Size
Aug. 3, 2021—A report from the U.S. Department of Commerce shows the economy has grown past its size prior to the COVID-19 pandemic.
According to a report from the Associated Press, the economy grew at a 6.5 percent annual rate during the second quarter, a sign the U.S. "has achieved a sustained recover from the pandemic [and] ... has now surpassed its pre-pandemic level."
The rapid growth was fueled by a surge in consumer spending, which advanced at an 11.8 percent annual rate over the quarter. Business investment also went up by 8 percent over that time, adding a solid 1.1 percent to the overall GDP.
Despite the overall gains, shortages in many sectors continue to plague the economy and the inflation rate is still much higher than many economists would like it to be.