FULL SHOW 07/28/2021: Fed meeting has investors on edge

By CNN

Published July 29, 2021 5:36 am

By Anneken Tappe, CNN Business

The US economy in the second quarter expanded at a slower rate than expected but still at its fastest pace since last fall, growing at a seasonally adjusted, annualized rate of 6.5%.

It was a worse performance than expected, as economists had forecast an annualized growth rate of 8.5%, and little changed from the first quarter.

Nevertheless, it was the biggest jump in growth since the nation roared back in the third quarter of 2020 from the lockdown-driven recession.

The acceleration in the recovery was spurred by the last round of stimulus checks, which boosted consumer spending, as well as the reopening of the economy and continued vaccination effort that allowed Americans to take part in public life safely again.

This is a developing story. It will be updated.

Article Topic Follows: CNN – Business/Consumer

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