U.S. Economy Rebounds as Pain Caused by Pandemic Eases

[SummerMadness]

U.S. Economy Rebounds as Pain Caused by Pandemic Eases

The economy picked up speed last quarter, shaking off some of the lingering effects of the pandemic as consumer spending grew, bolstered by government stimulus checks and an easing of restrictions in many parts of the country.

The Commerce Department reported Thursday that the economy expanded 1.6 percent in the first three months of 2021, compared with 1.1 percent in the final quarter last year.

On an annualized basis, the first-quarter growth rate was 6.4 percent.

Overall economic activity should return to prepandemic levels in the current quarter, Mr. Anderson said, while cautioning that it will take until late 2022 for employment to regain the ground it lost as a result of the pandemic.

Still, the labor market does seem to be catching up. Last month, employers added 916,000 jobs and the unemployment rate fell to 6 percent, while initial claims for unemployment benefits have dropped sharply in recent weeks.

 

[Hammster]

Let’s hope that Biden doesn’t screw this up too badly.