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BEA: Real GDP increased at 6.5% Annualized Rate in Q2

From the BEA: Gross Domestic Product, Second Quarter 2021 (Advance Estimate) and Annual Update
Real gross domestic product (GDP) increased at an annual rate of 6.5 percent in the second quarter of 2021, according to the “advance” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 6.3 percent (revised). …

The increase in real GDP in the second quarter reflected increases in personal consumption expenditures (PCE), nonresidential fixed investment, exports, and state and local government spending that were partly offset by decreases in private inventory investment, residential fixed investment, and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased.
emphasis added
The advance Q2 GDP report, with 6.5% annualized growth, was well below expectations.

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