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Contractors work on a home under construction. (Photo: Micah Green/Bloomberg via Getty Images)

The U.S. economy grew at an annualized 6.5% rate last quarter, the government said Thursday — slower than the 8.4% economists expected.

Why it matters: It came as the economy made strides toward further reopening, vaccinations rolled out and government stimulus bolstered spending. But supply crunches held the pace of growth back.

Source: FRED; Chart: Axios Visuals

Worth noting: The economy is bigger now than it was before the pandemic, officially recovering from its pandemic-induced plunge. (But output is still less than where it could have been, had there been no pandemic.)

Details: A drop in inventory investment — what's available for businesses to sell — weighed on growth. So did a drop-off in housing, a sign that supply shortages crimped construction.

  • Consumer spending soared 11.8%, helped by the infusion of pandemic aid. That's one of the biggest surges on record, according to Bloomberg.
  • Economic growth picked up slightly from the 6.3% pace in the first quarter of 2021.

Go deeper

Ina Fried, author of Login
Nov 5, 2021 - Technology
Column / Signal Boost

Digital gifts could win the holidays

Illustration: Shoshana Gordon/Axios

The trend toward digital gifts could accelerate this holidays with supply-chain-related shortages of some tech goods leading to shipping delays and product scarcity.

Why it matters: Digital purchases of game downloads or App Store credits are quick and easy, so those who try it may never go back to physical gifts.

Advocates say Biden has let Haitian migrants down

Photo illustration: Aïda Amer/Axios. Photos: Chip Somodevilla/Getty Images, Christian Torres/Anadolu Agency via Getty Images

Continued turmoil in Haiti is causing a growing number of Haitians to try to make it to American shores — and some advocates say the Biden administration isn't supporting this community in its time of crisis.

The big picture: Haitian-American activists in South Florida told Axios Today they feel like President Biden has gone back on campaign promises he made to the community to stand up for them.

39 mins ago - Health

Supply isn't our only COVID treatment problem

Illustration: Brendan Lynch/Axios

Antiviral COVID treatments are hailed as a pandemic game-changer, but they're currently in very short supply — and that's only one of several barriers to access for high-risk patients.

The big picture: Even when supply ramps up, it will still be tricky to connect some of the most vulnerable patients to the pills without changes to the process.

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