The US economy grew 6.4 percent in the first quarter on an annualised basis, powered by consumers reinvigorated by accelerating vaccinations, restriction rollbacks and generous coronavirus relief aid from the federal government.
Reinvigorated consumers helped the economic recovery in the United States gain momentum in the first three months of this year, with growth expanding 6.4 percent on an annualised basis, the US Bureau of Economic Analysis (BEA) said on Thursday.
The increase in gross domestic product (GDP), which measures the total output of goods and services within a specific period, was powered primarily by US consumers.
Americans were increasingly inclined to open their wallets and spend as COVID-19 vaccination drives, restriction rollbacks, trillions of dollars in federal coronavirus relief aid, and an ongoing easy money policy from the US Federal Reserve helped unleash pent-up demand.
“In early 2021, the US economy was…