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August 26, 2021US GDP 2021 Q2 (SECOND ESTIMATE) 
The Bureau of Economic Analysis released the advance estimate of Q2 2021 US Real Gross Domestic Product (GDP) today.
US real GDP growth was 6.6% (seasonally adjusted annualized rate) in Q2 2021, following on growth of 6.3% the previous quarter. This estimate was revised up from 6.5% in the advanced estimate. This is the fourth quarter of GDP growth as the US economy rebounds from pandemic restrictions in the first half of 2020. US real GDP exceed pre-pandemic Q4 2019 levels by 0.8% in Q2 2021, the first quarter of this occurring.
US economic growth in the latest quarter comes from rising personal consumer expenditures (+11.9%, seasonally adjusted annualized rate) led by food services and accommodation within the service category and the contributions of pharmaceutical products and clothing and footwear among the goods. Business investment was up for equipment (led by transportation equipment) and intellectual property products (led by R&D) while structures spending declined. Residential investment declined 11.5% in the quarter after significant growth the previous three quarters. Exports were up for goods (led by non-automotive capital goods) and services (travel). Federal government spending was down 5.2% primarily to less administration of COVID-19 support programs. Private inventories declined $169.4billion, led by retail trade sector. Goods imports were up 4.1% and service imports rose 22.4% compared to the previous quarter.
Current-dollar GDP increased 13.2% at an annualized rate. The personal consumption expenditure price index increased 6.5% in Q2 compared to 3.8% in Q1. Excluding food and energy prices, the price index increased 6.1% in Q2 and 2.7% in Q1
A seasonally adjusted annualized rate shows what the percent change would be if the quarterly rate was compounded for four quarters. Reporting annualized rates facilitates comparability between annual and quarterly growth but can exaggerate change when series are volatile. US GDP did not grow by 6.6% from Q1 2021 to Q2 2021. Rather it would take four quarters of compounded growth at the same pace as reported in Q1 to increase US GDP by 6.6%. US real GDP increased 1.6% from Q1 2021 to Q2 2021 (seasonally adjusted, non-annualized).
Source: US Bureau of Economic Analysis
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