Chart of the Day: The Economy Continues to Plod Along

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GDP was up in the second quarter, but our economy is still not exactly a house afire. Preliminary results indicate an increase of 2.3 percent:

The BEA explains where last quarter’s growth came from:

The acceleration in real GDP growth in the second quarter reflected an upturn in exports, an acceleration in PCE, a deceleration in imports, and an upturn in state and local government spending that were partly offset by downturns in private inventory investment, in nonresidential fixed investment, and in federal government spending and a deceleration in residential fixed investment….Real personal consumption expenditures increased 2.9 percent in the second quarter, compared with an increase of 1.8 percent in the first.

Really, the chart tells the whole story. As you can see, 2.3 percent growth is about….average since the recession ended. Not great, not horrible. Every time we manage to get into third gear for a little while, we hit a bump and end up back in second. It’s now been eight years since the economy imploded, and we’re still just muddling along. It’s not clear what it will take to improve things.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily bluster—Mother Jones' journalism is driven by one simple question: Will America move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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