Good news from the Commerce Department as the U.S. economy continues to rebound.
From the New York Times:
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.
Over at Axios, Nicholas Johnston reports on a research note from Goldman Sachs (titled ‘Anatomy of a Boom’) that forecasts “more than 7% growth in 2021, a sustained pace not seen in more than 30 years.”
According to the research note, economists post-vaccine hopes for an economic rebound are “changing from ‘from forecast to fact.'”
You’ll recall during the presidential campaign last year, “the former guy” constantly told his followers the economy would tank if he wasn’t reelected.
While the stock market isn’t “the economy,” check out these charts tracking the Dow Jones Industrial Average and the S&P 500 for the past four months.