MARK-TO-MARKET: Inflation taking a painful toll on consumers | Business & Economy

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In the 10 years (2010-19) since the 2007-09 Great Depression, the average annual pace of U.S. economic growth has been 2.25%. In 2020, economic growth declined by 3.4%, as the global pandemic forced the American economy to a grinding halt. In the April-June 2020 second quarter, the economy shrank at a massive, annualized rate of 31.2%.

But the economy quickly rebounded. In the 2020 third quarter, economic growth soared by an annualized rate of 33.8%. In fact, the National Bureau of Economic Research reported that the pandemic-fueled recession, which started in February 2020, lasted just two months — the shortest recession in U.S. history.

On Thursday, the U.S. Bureau of Economic Analysis reported that in the recent April-June second quarter the economy grew at an annualized rate of 6.5%, slightly above the first quarter’s pace of 6.3%. It also marked a full return of economic output to its pre-pandemic level. The 6.5% growth rate, however, was well…

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