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Economy grew 6.4% last quarter as US recovery from pandemic accelerates

Consumer spending
Posted at 8:43 AM, Apr 29, 2021

WASHINGTON — The U.S. economy grew at a brisk 6.4% annual rate last quarter — a show of strength fueled by government aid and declining viral cases that could drive further gains as the nation rebounds with unusual speed from the pandemic recession.

Thursday’s report from the Commerce Department estimated that the nation’s gross domestic product — its total output of goods and services — accelerated in the January-March quarter from a 4.3% annual gain in the final quarter of 2020.

Growth in the current April-June period is expected to be faster still, potentially reaching a 10% annual pace or more, powered by an increase in people willing and able to travel, shop, dine out and otherwise resume their spending habits.