U.S. GDP Hike Falls Short of Projections

Investors and economy watchers south of the border were elated Thursday, with word their economy may have turned a corner.

Figures released by the U.S. Commerce Department showed the economy accelerated at a strong pace in the second quarter in a sign that the U.S. has escaped the shackles of the COVID-19 pandemic.

Gross domestic product, a measure of all goods and services produced during the April-to-June period, accelerated TK% on an annualized basis.

However, the gain was considerably less than the 8.4% Dow Jones estimate.

The gain also was a yardstick for how far the economy has come from the shutdowns imposed during the early days of the pandemic, when government across the country halted large swaths of economic activity to combat the Covid-19 spread.

At its nadir, the economy collapsed 31.4% in the second quarter of 2020; it bounced back 33.4% in the subsequent three-month period and has continued to push towards normal since.