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How vaccines are fuelling US economy’s rapid recovery

30 Apr 2021 (Last Updated April 30th, 2021 10:17)

30 April

Ben Casselman, a reporter with The New York Times, shared an article on the US economy showing signs of the fastest recovery in decades during the first quarter of 2021.

Increase in vaccinations and lifting of coronavirus-related restrictions boosted consumer confidence and spending on travel, dining and healthcare.

The US GDP in Q1 grew by 1.6% compared to 1.1% in Q4 2020 and on an annualised basis growth rate was 6.4%.

The total economic output in the country is expected to reach pre-pandemic levels by summer with the economy expanding by 3.1% in Q2 or 13% on an annualised basis.

Government relief payments and households savings of more than $4.1tn in Q1 were attributed to be reasons behind the increased consumer spending by 2.6% during the quarter.

Hiring has also picked up as unemployment rate dropped to 6% and unemployment claims declined sharply over the past few weeks.

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