The U.S. economy passed a key milestone in the second quarter as it more than recouped output lost during the
COVID-induced recession. On the heels of a 6.5 percent increase, real GDP rose to $19.4 trillion in the April-June
period, topping the $19.2 trillion that prevailed in the final quarter before the onset of the pandemic. The six-quarter
turnaround is not particularly rapid compared to past recovery cycles – it’s about equal to the average time it took for the past nine recoveries to regain their prerecession peaks – but it is impressive considering the depths the economy had to climb out of. The pandemic recession may have been the shortest on record, but it was also the harshest, sending output and employment plunging by the greatest amount since the Great Depression. August 2021 Economic and Financial Digest
Banks have always prioritized their customers’ security. With the rise of digital transactions and online shopping, ensuring this security has become more critical than ever.