The Globe Banner has issued the following press release: Real gross domestic product (GDP) increased at an annual rate of 6.7 percent in the second quarter of 2021, reflecting the continued economic recovery, reopening of establishments, and continued government response related to the COVID-19 pandemic. The increase was revised up 0.1 percentage point from the "second" estimate released in August. In the second quarter, government assistance payments in the form of loans to businesses and grants to state and local governments increased, while social benefits to households, such as the direct economic impact payments, declined. In the first quarter of 2021, real GDP increased 6.3 percent.
Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $267.8 billion in the second quarter, compared with an increase of $123.9 billion in the first quarter.
Private goods-producing industries increased 4.7 percent, private services-producing industries increased 7.8 percent, and government increased 3.4 percent. Overall, 19 of 22 industry groups contributed to the second-quarter increase in real GDP.
The full text of the release on BEA's website can be found at: www.bea.gov/news/2021/gross-domestic-product-third-estimate-gdp-industry-and-corporate-profits-revised-2nd