US economic growth in the second quarter of 2021 was better than estimated, possibly adjusted to the highest level of 7.3%


US economic growth in the second quarter of 2021 was better than estimated, possibly adjusted to the highest level of 7.3%

The growth rate of the US economy in the second quarter of 2021 may be revised higher after a series of recently published positive data.

Cargo is loaded at the port in Los Angeles, California, USA. Photo: AFP/VNA

The US Department of Commerce’s quarterly services survey (QSS) released on September 19 showed that with new retail and inventory figures, US GDP grew much faster than 6.5. % was estimated by the government last month.

QSS has provided data on services spending and investment in intellectual property products for the Bureau of Economic Analysis (BEA), the statistical arm of the US Department of Commerce, to include in its economic growth estimates. America for the second time.

With an upward revision to retail sales and inventories in June, economists expect US GDP growth in the second quarter of 2021 could be revised to a peak of 7.3%, as the BEA The second estimate will be published next week.

According to the QSS report, revenue of the service industry increased by 4% in the second quarter of 2021, thanks to the improvement of the entertainment, hotel and tourism sectors. While a resurgence of COVID-19 cases, due to the Delta variant could pose a risk, economists are generally optimistic that the service industries will continue to grow in the second half of the year.

However, economists at Goldman Sachs bank (USA) recently downgraded their economic growth forecast for the third quarter of 2021 from 9% to 5.5%, due to higher inflation and the rapid spread of coronavirus. Delta variant. Even so, the US economy is expected to grow about 7% this year, the highest rate since 1984.