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U.S. GDP Beats Expectations With 6.4% Growth In First Quarter

April 29, 2021 by Forex Winner Leave a Comment

U.S. GDP Beats Expectations With 6.4% Growth In First Quarter

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.

U.S. GDP Beats Expectations With 6.4% Growth In First Quarter
  • 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%.

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