The U.S. economy grew at an annual rate of 6.5% during the April-June quarter amid COVID-19 vaccinations and increased consumer spending, according to The Washington Post.
Economists expected the economy to grow at least 8%. Growth was hampered by supply chain issues, which caused shortages and high materials prices.
Still, for the first time, the economy has surpassed its pre-pandemic level after adjusting for inflation. Hiring increased and people were more comfortable booking vacations, eating in restaurants and buying tickets to concerts and movies.
Although economists hope for strong continued growth in 2021, it will be complicated by surging COVID-19 cases as the delta variant of the virus spreads.
As the economy shifts from recovery mode to expansion mode, economists say it could take years to regain its full potential and reach the levels that were possible before the COVID-19 pandemic hit.
