The U.S. economic recovery picked up speed in early 2021, with the economy growing 1.6 percent in the first three months of the year amid a coronavirus vaccination campaign and massive stimulus spending from the federal government.
As Americans have begun to emerge from isolation and started spending again, construction surged and businesses invested in expectation of future growth. It appears likely that all coronavirus-era economic losses will be recovered by the middle of this year, according to data released Thursday by the Bureau of Economic Analysis (BEA).
Some of fastest economic growth in more than four decades occurred from January to March, behind only the initial 7.5 surge last year, when businesses first reopened after pandemic-related shutdowns. Continue reading.