Tuesday, May 24, 2022
HomeCrypto & FintechThe US economy has returned to its pre-crisis level

The US economy has returned to its pre-crisis level

The US economy returned to its pre-crisis level in the second quarter, despite disappointing GDP growth, while prices continued to rise at the fastest pace in 40 years, according to AFP.

The total amount of goods and services sold in the United States exceeded the pre-pandemic level for the first time (+ 0.8%), according to the first estimate of the Commerce Department published on Thursday.

“America is on the move again, and new GDP figures are bringing our economy back to pre-pandemic levels,” US President Joe Biden said on Twitter.

Gross domestic product (GDP) is indeed higher than in the fourth quarter of 2019 – the last that was not affected by the crisis caused by Covid-19.

However, it progressed less than expected from April to June, with an annual increase of 6.5% – which compares with the previous quarter and then projects the evolution throughout the year.

This is slightly faster than 6.3% in the first quarter, but much lower than the 8.5% expected by analysts.

And the increase is 1.6% compared to the previous quarter, a calculation method used by other countries. For comparison, French growth in the second quarter will be published on Friday, and is expected to be between 0.7 and 1.0%; it was 1.3% for China, the great rival of the United States.

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