U.S. gross domestic product, the combination of all goods and services produced, rose by 5.7% in 2021. GDP increased in the fourth quarter …
U.S. gross domestic product, the combination of all goods and services produced, rose by 5.7% in 2021. GDP increased in the fourth quarter at a 6.9% annualized pace as businesses began to replenish inventories. The strong growth came after the federal government spent nearly $6 trillion in pandemic relief. The GDP shrank in 2020 by 3.4%, the most in 74 years. Mr. Biden, whose job-approval ratings have nosedived as inflation has climbed and COVID-19 has continued to spread, hailed the positive report. He didn’t mention the massive government aid that contributed to it. “We are finally building an American economy for the 21st century, with the fastest economic growth in nearly four decades, along with the greatest year of job growth in American history,” the president said. “And, for the first time in 20 years, our economy grew faster than China’s.” He said the strong growth “is no accident.” “My economic strategy is creating good jobs for Americans, rebuilding our manufacturing, and strengthening our supply chains here at home to help make our companies more competitive,” Mr.
