How does the economy look after President Joe Biden’s first quarter? There is some good and some not-so-good. Here we take a look.
The Bureau of Economic Analysis reported a slightly faster rate of growth seen by more consumer spending (notably going out to eat, traveling, etc.) inventory investment and exports, marking the second time the growth pace was revised higher in the quarter.
Between April and June, GDP expanded at 6.7% which was a little higher than the earlier estimates of 6.5%.
The PCE Price Index however was remained at a disappointing 6.5% which is the highest that it has been since the early 1980s.
According to Action Economics Chief Economist Mike Englund, expectations were not met which he believes is due to “supply chain disruptions, which actually become more severe in Q3.”
One of the problems currently plaguing America is scarce labor, thanks in part to the exodus of many workers across industries.