Ben Popken l January 27, 2022
“The U.S. economy grew last year at its fastest pace since 1984, rebounding from a sharp but brief coronavirus-induced recession in March 2020.
The nation's gross domestic product, a measure of all goods and services produced, expanded by 5.7 percent in 2021, the Commerce Department reported Thursday. Growth accelerated even faster during the period from October to December, rising to 6.9 percent on annualized basis.
Over 22 million jobs were cut following the March 2020 outbreak of Covid in the U.S. as authorities imposed lockdowns and businesses shuttered or severely curtailed their hours. The economy went into a recession.
But emergency action from the Fed, including slashing interest rates to zero, rafts of government stimulus to households, and the eventual rollout of vaccines revived the economy. Consumers had the confidence and cash to resume spending.”
Read the full article on NBC HERE.
