Second verse, same as the first: The Bureau of Economic Analysis on Thursday said its second (revised) estimate of 1st quarter gross domestic product showed economic growth increased at an annual rate of 6.4 percent, unchanged from its first estimate in April.
Real gross domestic product increased at an annual rate of 6.4 percent in the first quarter—the fastest such pace in more than 36 years—according to the first (advance) estimate released yesterday by the Bureau of Economic Analysis.
With the economy still suffering and a sharp uptick in coronavirus cases nationwide, the Federal Open Market Committee was widely expected to hold the line during its two-day policy meeting that ended yesterday. And it did.
This week’s initial unemployment claims report from the Labor Department sounds an increasingly familiar theme: a slight drop from the previous week, tempered by the reality that claims remain highly elevated from pre-pandemic levels.
What goes down must come up: after the coronavirus resulted in a staggering record drop in the second quarter, the U.S. economy bounced back somewhat in the third quarter, according to the first (advance) estimate of gross domestic product.