Report: Biden’s economy better than thought, worse than aspired

The economic performance of Joe Biden’s first quarter as president is good, but not great. America’s economy grew at a slightly faster rate than previously reported in the second quarter due to increased consumer spending, exports and inventory investment, the Bureau of Economic Analysis reported Thursday.
Gross domestic product, the broadest measure of economic activity, expanded at a rate of 6.7% between April and June, rather than the 6.6% and 6.5% reported in earlier estimates.

With the new upward revision, growth is still under expectations. The limited growth is in large part due to supply chain disruptions, which actually become more severe in Q3.

Americans spent on pharmaceutical products, clothing and footwear. Hotels and restaurants contributed the biggest boost to the GDP growth rate in the industry comparison.

The price index that tracks consumer spending, the PCE price index that is the Federal Reserve’s preferred measure of inflation, was unchanged from prior estimates at 6.5%. That’s the highest level since the early 1980s.
The report also included a synopsis on corporate profits: America’s banks and financial businesses saw profit surge by a stunning USD 52.8 billion in the second quarter, compared with a measly USD 1.3 billion increase in the first quarter.
Profits for all other corporations rose by USD 221.3 billion, compared USD 133.2 billion in the first three months of the year.