The reopening economy surged in President Joe Biden’s first 100 days, with U.S. gross domestic product growth hitting 6.4 percent, the second best quarterly reading since 2003, after the pandemic rebound of the third quarter of last year.
Widespread vaccinations, warmer temperatures and stimulus checks powered the economy to grow by 1.6 percent in the first three months of 2021.
Consumer spending, which accounts for two-thirds of economic growth, increased by 10.7 percent in the first quarter, according to the advance estimates released Thursday from the Commerce Department. Spending on services saw a small recovery, expanding by 4.6 percent. In April, consumer confidence hit a 14-month high.
Economists had predicted an increase of 6.5 percent. U.S gross domestic product, or GDP, a measure of the total amount of goods and services produced, grew by 1.1 percent in the last quarter of 2020, for an annualized pace of 4.3 percent.
GDP hit a…