Second-quarter GDP revised slightly upward

The U.S. economy grew at an annualized rate of 6.7 percent in the second quarter of 2021, slightly faster than a previous government estimate, according to data released from the Commerce Department on Thursday.

The most recent estimate of gross domestic product exceeds the 6.6 percent pace reported in late August. The rate of expansion is also faster than the first three months of the year, when the economy grew at a 6.3 percent rate.

The upward revision was attributed to personal consumption expenditures, exports and private inventory investment.

Growth in those areas were offset by upward revisions to imports, which take away from the calculation in GDP. Imports rose at a 7.1 percent rate in the second quarter.

Overall, the new figures show sustained growth during the first half of the year, amid the recovery from the coronavirus recession, though economists are projecting a slowdown in the second half of 2021.

The GDP numbers come as Congress debates President Biden’s economic agenda. The House is slated to vote on a $1.2 trillion bipartisan infrastructure bill on Thursday, though progressives are threatening to sink the Senate-passed legislation unless there is action on a multitrillion-dollar social spending package.