U.S. GDP well below expectations; unemployment claims higher than expected

U.S. GDP (Gross Domestic Product) – the broadest measure of economic performance – came in well below expectations, growing at a 6.5% annual rate during the second quarter, according to an advance estimate released Thursday by the U.S. Commerce Department. Analysts surveyed by Refintiv were expecting 8.5% growth. First-quarter GDP was revised down to 6.3% from 6.4%.

Initial claims for unemployment benefits of 400,000 were higher than expected as the total of those receiving benefits rose by nearly 600,000.

U.S. GDP well below expectations; unemployment claims higher than expected

Jeff Cox for CNBC:

The U.S. economy rose at a disappointing rate in the second quarter… the Commerce Department reported Thursday.

Gross domestic product, a measure of all goods and services produced during the April-to-June period, accelerated 6.5% on an annualized basis… considerably less than the 8.4% Dow Jones estimate.

Gross private domestic investment fell 3.5% as declines in private inventory and residential investment held back gains. Rising imports and a 5% decline in the rate of federal government spending, despite the ballooning budget deficit, also were factors, the Bureau of Economic Analysis report said.

The personal savings rate dropped sharply, tumbling to $1.97 trillion from $4.1 trillion in the previous period.

A separate data point reported Thursday showed that 400,000 people filed initial claims for unemployment benefits for the week ended July 24. That level is nearly double the pre-pandemic norm and was above the 380,000 Dow Jones estimate.

Continuing claims edged higher to 3.27 million, according to data that runs a week behind the headline number. The total of those receiving benefits rose by nearly 600,000 to 13.16 million, according to data through July 10.

MacDailyNews Take: Good times.


  1. Weren’t the lefties gonna save us all in January? They hold the holy trinity of US politics; WH and both chambers. We are coming OUT of a pandemic (despite all the hard core delta porn) and there is / was supposed to be only one way for things to go… UP. And they have! Gas and food prices, inflation, covid cases from illegals welcomed at the non-border… you know, all the good stuff. Weren’t the lefties gonna lead us all to the promised land?

    Almost seven months in and what do we have? Come on man! Lick, lick, drip, drip

    1. I’m surprised that you aren’t surprised that they are surprised. Really, it is all very surprising until you sit down and think about who is in charge of this current mess. And it ain’t Trump. That is why we need a fake Jan 6 show to watch until the midterms are over. And if that show doesn’t do it for you, there is always some hardcore delta porn to publicly indulge in.

      1. Well SOME might be surprised to know that after Carter the media learned reporting on a bad economy HONESTLY will cost you the presidency.

        So enter all the false and inaccurate reports during Reagan, Bush, Bush II, and (especially) Trump. Play down any good news and warn armageddon is just around the corner if Republicans get their way. THEN the experts are ‘surprised’ when good news comes out….constantly.

        Under Clinton, Obama and now Biden, it is always expected to do better and the experts are ‘surprised’ when it doesn’t, but don’t worry we are rounding a corner and things look better…until they don’t (again).

        I’m sure you know this, as most people on the Right figured it out decades ago, but those on the Left are still, uh….surprised…to learn this.

    1. Ooohhh..ohhh nooo! I hated those tweets. I much prefer maskless Biden to bus and FLY infected unmasked illegals to cities around the US in the middle of the night (just like election night). I love the higher prices! Just L O V E them! Even if Costco has no idea when the water heater I was hoping to buy before fall will be in stock… no problem! AND… yesterday the contractor told me… no paint… Sherman Williams doesn’t know when the paint she ordered will be available. Besides all that (and surging violence and crime), everything is great!

      Now, if Ice Cream Joe could just do something about the current inflation issue… you know… anything to bump it just a little higher…

  2. Nestle says prices will rise ANOTHER 2%. This is in ADDition to the 1.3% over the last six months. Maybe 3.3% isn’t a lot… or, if you like to eat year round, then it will certainly add UP. Sadly, Joe’s gonna have to ask Jill for a little extra for his weekly cone.

  3. Not a surprise on the RIGHT from the party of grousing soundbites, absence of critical thinking media SCRUNITY, and the party that actually believes their own press clippings.

    Reality again bit the clueless Washington rulers of the Dem party.

    Since the Big Society from LBJ in the 60s DUMB Dems same policies, same goals and SURPRISE — STILL not working and solving nothing.

    How brainless can you be over 50 years they have not figured it out…

  4. Looking at the comments on this page it’s obvious that China isn’t the real adversary but it’s Americans themselves. Just keep doing what you’re doing and you’ll bring down the whole edifice of US influence. Good one guys, just keep ripping into each other and you’ll deliver the world to President Xi on a platter.

    1. So, we should hold hands with Joe and Pelosi and sing Kumbaya? Oops, can’t. Kumbaya has been cancelled by… Joe and Pelosi’s wacko lefties. Yep.

      Maybe Ice Cream Joe can start with some sanctions against China for the thousands of computer hacks against US systems. Joe sanctioned Russia for the same. Why didn’t he sanction China? Interesting question, isn’t it. Could it be… collusion?

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