By Heather Cox Richardson, Photo: Unsplash, Letters from an American, January 27, 2022
Numbers released today by the Bureau of Economic Analysis, which is part of the U.S. Federal Statistical System producing data and official statistics, show that the U.S. economy grew by an astonishing 6.9 percent annual rate from October to December 2021. That puts the growth of the U.S. economy for 2021 at 5.7 percent in 2021. Despite the ongoing pandemic, this is the fastest full-year growth since 1984.
At the same time, the U.S. added 6 million jobs in 2021, pegging the unemployment rate below 4%.
Economists predict that in 2022 the economy will continue to grow at a much higher rate than the 1.8% policymakers generally expect, expanding at 3.9%.
This growth is the outcome of a dramatic change in economic policy launched by the Biden administration through measures like the American Rescue Plan and the bipartisan infrastructure law.
Comments (0)