Real U.S. gross domestic product increased 6.5 percent in 2Q 2021, according to an advanced estimate from the Bureau of Economic Analysis. That growth is slightly higher than the 6.3 percent in Q1 2021.
According to the U.S. Bureau of Economic Analysis, the GDP growth reflects increases in personal consumption expenditures and goods, nonresidential fixed investments, exports and decreases in state and local government partially offset by decreases in private inventory investments, residential fixed investments and federal government spending. Also, current-dollar GDP increased 13 percent at an annual rate or $684.4 billion to $22.72 trillion. The price index for gross domestic purchases increased 5.7 percent, compared with a 3.9 percent increase the previous quarter. The personal consumption expenditures price index increased 6.4 percent.
Richard Baier, president and CEO of the Nebraska Bankers Association, said Nebraska is “blessed” that the statewide economy remains strong with low unemployment levels. He noted the largest issue delaying economic progress is the lack of labor force, an issue he said could partially be solved by having those whose employment status changed during the pandemic return to work. Another challenge Baier sees is the automation of frontline positions at a much more rapid pace than expected and the smaller population of millennials and Generation Z than the retiring baby boomer workforce who dominated the workforce over the previous decades.
Personal income statistics for 2Q 2021 were also released:
