U.S. Worst Performing G7 Economy In 2nd Quarter

The US was the worst-performing of the major Group of Seven (G7) economies in the second quarter, the latest data show, Steve Goldstein reported for MarketWatch of the Wall Street Journal.

Photo Insert: On the quarterly basis that most countries outside the US employ, the American economy fell by 0.2% in the second quarter.

The UK Office of National Statistics on Friday released the G7 comparison alongside reporting the British economy shrank by a 0.1% rate in the April-to-June period.

On the quarterly basis that most countries outside the US employ, the American economy fell by 0.2% in the second quarter.

Canada had the strongest showing, with its economy accelerating by 1.1%, and the Italian and French economies also grew while Germany’s stagnated. The chart was compiled before Japan on Monday reported a 2.2% annualized, or 0.5% quarterly, growth rate for the second quarter.

The UK numbers don’t necessarily show an economy heading to recession.

The Platinum Jubilee celebration weighed on output in June when GDP contracted by 0.6%. Analysts also noted the unusual drag from COVID-19, as the winddown of vaccination and testing programs reduced activity in health and social work.

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