US Economy Likely Grew at a Faster 8.5% in Q2

The US economy likely grew an annualized 8.5% on quarter in Q2, above 6.4% in Q1. That would mark the 4th straight quarter of growth and the second fastest expansion in 38 years, boosted by government stimulus and consumer spending on travel-related services and activities that were restricted before. Many analysts believe growth surge likely peaked in the spring although the economy will remain robust. Still, the rapid spread of the coronavirus delta variant, supply-chain disruptions, shortage of workers and a cooling housing market are seen weighing on the growth for the rest of the year. The Fed sees the economy growing 7% in 2021 and 3.3% in 2022.