During the second quarter of 2021, US GDP continued the recovery that began in 3Q20, registering positive year-on-year growth of 6.60%. The recovery of economic activity during this period was the result of the increase in private consumption and investment, meanwhile public consumption registered a negative year over year growth. Regarding external demand, imports year-over-year growth outpaced exports one. The unemployment rate registered a decrease, reaching a rate of 5.90 %, while the employment growth increased to 10.11%. Inflation increased compared to the previous quarter and stood at a rate of 4.84%. Regarding the US dollar, it remained unchanged against the euro, standing at an average exchange rate of 1.21 $/€ during the second quarter of the year.

 


Macroeconomic outlook report: USA 2Q21

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Macroeconomic overview

  • The U.S. economy experienced an improvement and registered a year-over-year rate of 6.60% during the second quarter of 2021, increasing by 0.30 p.p. when compared to the previous quarter. Fiscal stimulus, low interest rates, a revival of services and successful vaccination campaigns boosted the economic recovery.
  • Regarding the labor market, the unemployment decreased by 0.30 p.p. with respect to the first quarter of 2021, reaching a rate of 5.90 %. On the other hand, the year-on-year growth rate of employment increased by 14.72 p.p. when compared to 1Q21, recording a 10.11% rate.
  • The US dollar remained unchanged against the euro compared to the first quarter of 2021, registering an exchange rate of 1.21 $/€ during 2Q21. 
  • During 2Q21, inflation in the US registered a rate of 4.84 %, after an increase of 2.94 p.p. compared to the previous quarter.

For more information, click here to access the executive document in pdf (only avalaible in English).