The economy appears to be defying the delta variant of the corona virus and other headwinds. The economy has rebounded strongly from the pandemic-induced shutdowns of 17 months ago, posting back-to-back quarters of above 6% annual growth in the nation’s gross domestic product. A closely watched measure of future economic activity posted a broad-based increase in July, suggesting the economy is poised for growth even as it faces surging corona virus cases and labor and supply shortages.

 The Conference Board's Leading Economic Index rose 0.9% to 116, above consensus forecasts for a 0.7% rise, following a 0.5% increase in June. "The U.S. LEI registered another large gain in July, with all components contributing positively," Ataman Ozyildirim, senior director of economic research at the board, said in a statement. "The Leading Index's overall upward trend, which started with the end of the pandemic-induced recession in April 2020, is consistent with strong economic growth in the second half of the year."

"While the Delta variant and/or rising inflation fears could create headwinds for the US economy in the near term, we expect real GDP growth for 2021 to reach 6.0 percent year-over-year, before easing to a still robust 4.0 percent growth rate for 2022." The economy has rebounded strongly from the pandemic-induced shutdowns of 17 months ago, posting back-to-back quarters of above 6% annual growth in the nation's gross domestic product. But it has run into roadblocks, including shortages of key materials like semiconductors and lumber as well as not enough available workers for filling more than 10 million open jobs. That has sparked price increases for such things as airline fares, used cars, real estate and select grocery items.

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