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U.S. GDP Trails Forecast Even as Consumer Spending Surges

  • Economy grows at 6.5% annual rate, less than 8.4% estimate
  • Household outlays jump 11.8%, one of largest gains since 1950s
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GDP Disappointing But Economy Strong: Bridgewater's Patterson
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U.S. growth missed forecasts in the second quarter as the effects of supply-chain constraints reverberated through the economy and took the shine off one of the biggest gains in consumer spending in decades.

Gross domestic product expanded at a 6.5% annualized rate following a revised 6.3% pace in the first quarter, the Commerce Department’s preliminary estimate showed Thursday.