FOREX TradingCharts.com

Financial News: U.S. Economy Nearly Back To Pre-Pandemic Levels

U.S. Economy Nearly Back To Pre-Pandemic Levels

04/29/2021 - 09:31:00 (RTTNews)

(RTTNews) - Preliminary data released by the Commerce Department on Thursday showed an acceleration in the pace of U.S. economic growth in the first three months of 2021.

The report said real gross domestic product surged up by 6.4 percent in the first quarter after jumping by 4.3 percent in the fourth quarter of 2020. Economists had expected GDP to increase by 6.5 percent.

Paul Ashworth, Chief U.S. Economist at Capital Economics, said the first quarter growth left the level of GDP only 1 percent off its pre-pandemic peak in the final quarter of 2019.

"It will recapture that level in the second quarter and, with the pace of growth we expect, any remaining output gap should be eliminated before the end of this year," Ashworth said.

The faster GDP growth was led by a substantial increase in consumer spending, which was boosted by two rounds of stimulus checks.

The report showed consumer spending spiked by 10.7 percent in the first quarter after climbing by 2.3 percent in the fourth quarter.

The Commerce Department said the GDP growth also reflected increases in non-residential fixed investment, federal government spending, residential fixed investment, and state and local government spending.

Meanwhile, decreases in private inventory investment and exports helped limit the upside along with an increase in imports, which are a subtraction in the calculation of GDP.

The report also showed core consumer prices, which exclude food and energy prices, jumped by 2.3 percent in the first quarter following a 1.3 percent increase in the fourth quarter.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Singapore Non-Oil Domestic Exports Tumble 8.8% On Month In April (07 min(s), 07 sec(s) ago)
(RTTNews) - The total value of non-oil domestic exports in Singapore was down 8.8 percent on month ...Full Story»

Japan Producer Prices Rise 0.7% On Month In April (53 min(s), 07 sec(s) ago)
(RTTNews) - Producer prices in Japan were up 0.7 percent on month in April, the Bank of Japan said ...Full Story»

New Zealand Service Sector Accelerates In April - BusinessNZ (02 hr(s), 06 min(s), 07 sec(s) ago)
(RTTNews) - The services sector in New Zealand continued to expand in April, and at a faster pace, ...Full Story»

China Data On Tap For Monday (02 hr(s), 47 min(s), 07 sec(s) ago)
(RTTNews) - China is scheduled to release a raft of data on Monday, headlining a busy day for Asia ...Full Story»

ECB Minutes Signal June Review Of Economic Outlook, Stimulus (08 hr(s), 50 min(s), 07 sec(s) ago)
(RTTNews) - Policymakers are looking forward to review the Eurozone economic and inflation outlook ...Full Story»

U.S. Consumer Sentiment Unexpectedly Deteriorates In May (09 hr(s), 30 min(s), 07 sec(s) ago)
(RTTNews) - Consumer sentiment in the U.S. has unexpectedly decreased in the month of May, accordi ...Full Story»

U.S. Business Inventories Increase In Line With Estimates In March (09 hr(s), 38 min(s), 07 sec(s) ago)
(RTTNews) - The Commerce Department released a report on Friday showing business inventories in th ...Full Story»

U.S. Industrial Production Climbs Less Than Expected In April (10 hr(s), 0 min(s),07 sec(s) ago)
(RTTNews) - Industrial production in the U.S. increased by less than expected in the month of Apri ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Singapore Non-Oil Domestic Exports Tumble 8.8% On Month In April

05/16/2021 - 20:41 PM (RTTNews)
(RTTNews) - The total value of non-oil domestic exports in Singapore was down 8.8 percent on month ...Full Story>>

Japan Producer Prices Rise 0.7% On Month In April

05/16/2021 - 19:55 PM (RTTNews)
(RTTNews) - Producer prices in Japan were up 0.7 percent on month in April, the Bank of Japan said ...Full Story>>

New Zealand Service Sector Accelerates In April - BusinessNZ

05/16/2021 - 18:42 PM (RTTNews)
(RTTNews) - The services sector in New Zealand continued to expand in April, and at a faster pace, ...Full Story>>

China Data On Tap For Monday

05/16/2021 - 18:01 PM (RTTNews)
(RTTNews) - China is scheduled to release a raft of data on Monday, headlining a busy day for Asia ...Full Story>>

ECB Minutes Signal June Review Of Economic Outlook, Stimulus

05/14/2021 - 11:58 AM (RTTNews)
(RTTNews) - Policymakers are looking forward to review the Eurozone economic and inflation outlook ...Full Story>>

Do not sell my personal information

Copyright © 2021. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.