Washington (AFP)

The US economy returned to its pre-crisis level in the second quarter, despite disappointing GDP growth, while prices continued to climb, at their fastest pace in nearly 40 years.

The total amount of goods and services sold in the United States exceeded that before the pandemic, for the first time, but only narrowly (+ 0.8%), according to the first estimate of the Department of Commerce published on Thursday.

"America is on the move again, and the new GDP figures are bringing our economy back to pre-pandemic levels," US President Joe Biden responded on Twitter.

The gross domestic product (GDP) is indeed higher than it was in the fourth quarter of 2019 - the last not to have been affected by the crisis caused by the Covid-19.

However, it progressed less than expected from April to June, with an annualized growth of 6.5% - which compares to the previous quarter and then projects the evolution over the whole year.

This is a little faster than the 6.3% in the first quarter, but much less than the 8.5% expected by analysts.

And the increase is 1.6% compared to the previous quarter, a calculation method used by other countries.

By way of comparison, French growth in the second quarter will be published on Friday, it is expected between 0.7 and 1.0%;

it was 1.3% for China, the great rival of the United States.

- Slowdown in sight -

The resumption of activity thanks to vaccination, and the billions of dollars distributed to households since the start of the year, have stimulated consumption by Americans, who have spent their money in restaurants, or on hotel nights. , but also to buy drugs.

Growth is 12.2% compared to the second quarter of 2020. The US economy then recorded a historic decline of 31.2%.

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"There are reasons to think that growth will slow down significantly," however tempers economist Joel Naroff.

Indeed, he emphasizes, "we have experienced four consecutive quarters of strong to spectacular economic growth. But this was due to the reopening of the economy and massive government aid."

And the Delta variant, which has resumed Covid-19 cases in many parts of the world, is also threatening American growth.

"Our job is ... to continue to build a fairer, stronger and more resilient economy where American workers can compete and win on the world stage," US Treasury Secretary Janet Yellen commented in a tweet. .

Joe Biden is counting on a pharaonic program of social and environmental spending, of 3.500 billion dollars, to ensure the growth of the country over several years.

Growth in the United States is expected to be 6.7% this year and 5% in 2022, according to the Congressional Budget Services (CBO).

The International Monetary Fund (IMF) and the Fed are forecasting + 7.0% in 2021.

- Inflation -

The first quarter was marked by two bursts of checks sent to households, as part of the recovery plans of Donald Trump, then Joe Biden.

This had boosted household income by 56.8%, which consequently fell 22% between April and June.

Driven by strong demand and global supply difficulties, prices continued to climb, at their fastest pace since 1982: inflation accelerated to 6.4% in the second quarter compared to the first quarter, according to the PCE index.

Excluding food and energy, prices experienced their largest increase since 1975, at 6.1%.

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Over one year, the price increase amounts to 3.8%.

Inflation is expected to slow in 2022, according to the Fed and the IMF, but there are risks that it will be stronger and longer than expected, they warned this week.

Joe Biden also assures that his investment programs will slow inflation, refuting opposition critics who fear that this will on the contrary contribute to soaring prices.

© 2021 AFP