The American economy bounced back last year with resilience from 2020′s brief but devastating coronavirus recession.
The Federal Reserve signaled Wednesday that it plans to begin raising its benchmark interest rate as soon as March, a key step in reversing its pandemic-era low-rate policies that have fueled hiring and growth but also escalated inflation.The U.S. economy grew last year at the fastest pace since Ronald Reagan's presidency, bouncing back with resilience from 2020's brief but devastating coronavirus recession.
Squeezed by inflation and still gripped by COVID-19 caseloads, the economy is expected to slow this year. Many economists have been downgrading their forecasts for the current January-March quarter, reflecting the impact of the omicron variant. And for all of 2022, the International Monetary Fund has forecast that the the nation’s GDP growth will slow to 4%.
Growth last year was driven up by a 7.9% surge in consumer spending and a 9.5% increase in private investment. "The upside surprise came largely from a surge in inventories, and the details aren’t as strong as the headline would suggest,'' Kathy Bostjancic, Oxford Economics' chief U.S. financial economist, said in a research note.
But super-low interest rates, huge infusions of government aid — including $1,400 checks to most households — and, eventually, the widespread rollout of vaccines revived the economy. Many consumers regained the confidence and financial wherewithal to go out and spend again.
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US economy grew 5.7% in 2021 in rebound from 2020 recessionWASHINGTON (AP) — The U.S. economy grew last year at the fastest pace since Ronald Reagan's presidency, bouncing back with resilience from 2020's brief but devastating coronavirus recession. The nation’s gross domestic product — its total output of goods and services — expanded 5.7% in 2021.
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U.S. economy grew 5.7% in 2021, rebounding from 2020 recessionThe U.S. economy grew last year at the fastest pace since Ronald Reagan’s presidency, bouncing back with resilience from 2020′s brief coronavirus recession.
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U.S. economy grew 5.7% in 2021 in rebound from 2020 recessionThe U.S. economy grew last year at the fastest pace since Ronald Reagan’s presidency, bouncing back with resilience from 2020′s brief but devastating coronavirus recession.
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US economy grew 5.7% in 2021 in rebound from 2020 recessionThe U.S. economy grew last year at the fastest pace since Ronald Reagan’s presidency, bouncing back with resilience from 2020′s brief but devastating coronavirus recession.
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U.S. economy grew 5.7% in 2021, the fastest full-year rate since 1984The growth contributed to complications, including the highest inflation in 40 years and supply chain snarls as consumers hungry for products overwhelmed the global delivery system.
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David Einhorn predicts inflation will cause a recession, adds new positionsGreenlight Capital's David Einhorn said persistently high inflation is eventually going to tip the U.S. economy into another recession.
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