The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:
Real gross domestic product (GDP) increased at an annual rate of 6.5 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. 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 (revised).
Monthly Swiss watch exports suffered their biggest decline since 2020 as demand for premium and luxury timepieces in key markets including China and Hong Kong plunged.
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