The United States economic growth beat market expectations after growing by 6.4% in the first three months of the year, the Commerce Department reported.
- Economists surveyed by Dow Jones expected the gross domestic product at 6.5% for the quarter.
- The growth was driven by higher personal spending, federal government spending, and state and local government spending.
- Increases were also seen in nonresidential and residential fixed investments.
- Current-dollar GDP increased 10.7% or $554.2 billion to $22.05 trillion.
- Current-dollar personal income grew by 59% to $2.40 trillion as the government released social benefits related to pandemic relief programs.
- Disposable personal income grew 67% to $2.36 trillion, while real disposable personal income gained 61.3%.
- Personal savings were recorded at $4.12 trillion versus $2.25 trillion in the fourth quarter. The personal saving rate was 21%.