US Economy grows 6.2% in Q2

The US economy grew in the second quarter at an annualised rate of 6.2% which, whilst very good, was below consensus of 8.5% from economists. The drag seemed to be coming from businesses supply bottlenecks caused by shipping delays and chip shortages which hampered retailer’s ability to restock shelves to meet the rampant demand from consumers. This news then is a positive in that yes growth disappointed but the consumer and their desire to spend looks healthy and when retailers can find a solution to these supply issues we should be able to see GDP expansion hit its targets.