The Biden economy is continuing to disappoint, with inflation surging and the economic recovery consistently missing analyst expectations.
The GDP figures for the second quarter of the year just came in – and unsurprisingly they too were well below expectations.
According to CNBC:
The U.S. economy rose at a disappointing rate in the second quarter, the Commerce Department reported Thursday in a sign that the U.S. has escaped the shackles of the Covid-19 pandemic but still has more work to do.
Gross domestic product, a measure of all goods and services produced during the April-to-June period, accelerated 6.5% on an annualized basis. That was slightly better than the 6.3% gain in the first quarter, which was revised down narrowly. While that would have been strong prior to the pandemic, the gain was considerably less than the 8.4% Dow Jones estimate.
Gross private domestic investment fell 3.5% as declines in private inventory and residential investment held back gains. Rising imports and a 5% decline in the rate of federal government spending, despite the ballooning budget deficit, also were factors, the Bureau of Economic Analysis report said.
Weekly jobless claims were also reported today, with 400,000 filing claims for the week ended July 24, which is still double the pre-pandemic norm, and higher than the 380,000 analysts expected.
Matt Palumbo is the author of Dumb and Dumber: How Cuomo and de Blasio Ruined New York, Debunk This: Shattering Liberal Lies, and Spygate
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