The U.S. economy expanded at a rapid pace in the first three months of the year, setting the stage for what’s expected to be the strongest annual growth in nearly four decades.
According to the Commerce Department, the economy grew at an annual rate of 6.4% between January and March, as millions of Americans got vaccinated against COVID-19 and the federal government spent trillions of dollars to counteract the effects of the pandemic recession.
“The $1,400 paychecks that hit consumer mailboxes in March made a difference,” said Nela Richardson, chief economist at the payroll processing company ADP.
Federal relief payments coincided with a nationwide vaccination campaign. More than 140 million Americans have so far received at least one shot.
“I think that’s made a huge impact on confidence in the economy as things are starting to re-open and more people are inoculated against this disease,” Richardson said.
The data comes a day after President Biden told Congress that “America is on the move again,” as he touted his administration’s work to end the coronavirus crisis.
I’m sure the Democrats have some ocean front property in Arizona they’d love to sell you too!
Right bigger than what President Donald J. Trump had. Bull chit media. And by the way President Trump, thank you for having the vaccine before you had the election stolen from you. This dumb chit Biden hasn’t done it, he would live long enough. This economy story is crap too.
Wish they would make up their minds or should I say lies! Another report was that people were paying off their debt with the money.
Taking money from people that work and giving it to people who don’t who then spend it on shopping isn’t “growing” the economy. It’s wealth re-distribution
Yeah, print more money out of thin air, pass some of it around to
everyday people, then blow your horn and celebrate a big lie when they spend it.