Thanks to the lifting of restrictions and vaccination, consumer activity is restored.
The US economy posted solid 6.4 percent growth in the first quarter, the Commerce Department said, as consumers started spending again after quarantine restrictions were eased and millions of Americans were vaccinated.
Considering the recovery in the period from January to March, the country’s GDP reached $ 21 trillion, slightly ahead of the beginning of 2020.
In the last quarter of last year, the increase was 4.3 percent.
Economists predict further growth in the world’s largest economy through 2021, thanks in part to government support for most Americans and stimulus for some hard-hit sectors of the economy.
Many businesses are beginning to hire new employees and ramp up business activity that has been curtailed by the pandemic that has killed 574,000 Americans.
Due to increased hiring, the number of initial applications for unemployment benefits has declined in recent weeks.
On Thursday, the Labor Department reported that 553,000 unemployed people applied for benefits last week, down 13,000 from the revised figure for the week before last.