BREAKING: The U.S. economy grew last year at the fastest pace since Ronald Reagan’s presidency, bouncing back from 2020′s coronavirus recession. GDP expanded 5.7% for all of 2021 and at a 6.9% annual rate from October through December.
Container ship Ever Far, left, sails down river past the Georgia Ports Authority's Port of Savannah, Wednesday, Sept. 29, 2021, in Savannah, Ga. Inflation has spiked during the recovery from the pandemic recession as Americans have ramped up spending on such items as cars, furniture and appliances. Those increased purchases have clogged ports and warehouses and exacerbated supply shortages of semiconductors and other parts.
The nation’s gross domestic product — its total output of goods and services — expanded 5.7% in 2021. It was the strongest calendar-year growth since a 7.2% surge in 1984 after a previous recession. The economy ended the year by growing at an unexpectedly brisk 6.9% annual pace from October through December, the Commerce Department reported Thursday.
What’s more, the Federal Reserve made clear Wednesday that it plans to raise interest rates multiple times this year to battle the hottest inflation in nearly four decades. Those rate increases will make borrowing more expensive and perhaps slow the economy this year. 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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