New data released Thursday shows the U.S. economy rebound continued to chug along solidly in the second quarter but at a slower rate than expected due largely to supply constraints.

Gross Domestic Product, or GDP, grew at a 6.5 percent annualized rate in the March to June period, which was pretty much the same as the January to March period.

Economists were looking for a 8.5 percent number.

Consumers did the heavy lifting last quarter thanks to low interest rates, stimulus checks, and higher wages. Consumer spending, which accounts for nearly two-thirds of all economic activity in the U.S., surged nearly 12 percent. A hefty portion of that went to spending on services as vaccinated Americans ventured out again.

A strong stock market and a robust housing market were also positive factors spurring growth.

Economists expect that trend to continue to lift the U.S. economy from last year's downfall, which was the biggest annual drop since 1946.

But there are some potential headaches for the economy including the ongoing global chip shortage, which is causing a hiccup at the nation’s factories. Higher inflation, if sustained, could also slow the economic rebound….as well as a flare-up in the health crisis.

Even with those risks, economists are optimistic that the economy will grow around 7 percent; that would be the best annual growth since 1984.