U.S. economy surges past pre-pandemic level

U.S. economic output has surpassed its pre-pandemic level after growing rapidly in the April-to-June quarter, the government announced Thursday.

The nation's gross economic product — the sum of all goods and services produced in the American economy — grew at a robust annualized rate of 6.5% in the second quarter of 2021, as vaccinations and government aid unleashed spending, the Bureau of Economic Analysis said Thursday. 

The quarterly figure was less than analysts had expected, but the economy was likely held back mainly by supply shortages in goods, components and labor.