US recovery from pandemic recession is showing momentum
3 years, 7 months ago

US recovery from pandemic recession is showing momentum

Associated Press  

WASHINGTON — Powered by consumers and fueled by government aid, the U.S. economy is achieving a remarkably fast recovery from the recession that ripped through the nation last year on the heels of the coronavirus and cost tens of millions of Americans their jobs and businesses. The economy grew last quarter at a vigorous 6.4% annual rate, the government said Thursday, and expectations are that the current quarter will be even better. “We’re seeing some familiar faces back inside the restaurant.” Online sites that have capitalized on goods purchases during the pandemic — from Amazon to Etsy to eBay — are under pressure to show they can sustain accelerating growth even as consumers look more toward services and less on goods. McDonald’s, for example, posted a sharp jump in revenue last quarter — even surpassing the same period in 2019, long before the pandemic flattened the economy.

Economy Growth Pandemic Recovery Spending Biden Quarter Rate Annual Last Year Consumers  showing  quarter  recession  pandemic  spending  growth  goods  annual  recovery  momentum  economy  consumers  rate

History of this topic

U.S. economy grows at 3.1% pace in third quarter, an upgrade from previous estimate
5 days, 17 hours ago

U.S. economy grows at 3.1% pace in third quarter, an upgrade from previous estimate

Associated Press  

WASHINGTON — The American economy grew at a healthy 3.1% annual clip from July through September, propelled by vigorous consumer spending and an uptick in exports, the government said in an upgrade to its previous estimate. Third-quarter growth in U.S. gross domestic product — the economy’s output of goods and services — accelerated from the April-July rate of 3% and …

U.S. Economy Grew At Healthy 2.8% Pace Last Quarter On Strength Of Consumer Spending
1 month, 3 weeks ago

U.S. Economy Grew At Healthy 2.8% Pace Last Quarter On Strength Of Consumer Spending

Huff Post  

LOADING ERROR LOADING WASHINGTON — The U.S. economy grew at a healthy 2.8% annual rate from July through September, with consumers helping drive growth despite the weight of still-high interest rates. Wednesday’s report from the Commerce Department said the gross domestic product — the economy’s total output of goods and services — slowed slightly from its 3% growth rate in …

US economic growth in first quarter falls short of expectations at 1.6%; inflation may heat up
7 months, 4 weeks ago

US economic growth in first quarter falls short of expectations at 1.6%; inflation may heat up

Hindustan Times  

The US economy expanded less than projected in the first three months of 2024 as exports and consumer spending declined, confirming the expectations of the financial markets that the Federal Reserve would postpone rate-cutting until September. The first quarter saw the US economy rise by 1.6 percent, according to the government data. The first quarter saw the world's largest economy …

US growth slowed sharply last quarter to 1.6% pace, reflecting an economy pressured by high rates
8 months ago

US growth slowed sharply last quarter to 1.6% pace, reflecting an economy pressured by high rates

Associated Press  

WASHINGTON — The nation’s economy slowed sharply last quarter to a 1.6% annual pace in the face of high interest rates, but consumers — the main driver of economic growth — kept spending at a solid pace. Gregory Daco, chief economist at the tax and consulting firm EY, noted that the underlying economy looks solid, though it’s slowing from last …

U.S. growth fell sharply to 1.6% last quarter, pressured by high interest rates
8 months ago

U.S. growth fell sharply to 1.6% last quarter, pressured by high interest rates

LA Times  

Robots assemble solar panels at the Hanwha Qcells Solar plant in Dalton, Ga., in 2023. On Thursday, the government reported that U.S. economic growth slowed sharply last quarter to a 1.6% annual pace. The nation’s economy slowed sharply last quarter to a 1.6% annual pace in the face of high interest rates, but consumers — the main driver of economic …

Will the US unemployment rate continue at historic lows?
8 months, 3 weeks ago

Will the US unemployment rate continue at historic lows?

Al Jazeera  

US job growth has continued at a steady clip in the months since the COVID-19 pandemic, but experts are looking for warning signs. All eyes will be on Friday’s US unemployment numbers to see how many jobs were added in March and whether the unemployment rate continues to stay in its historically low range or if it is time for …

US economic growth for last quarter is revised up slightly to a healthy 3.4% annual rate
8 months, 3 weeks ago

US economic growth for last quarter is revised up slightly to a healthy 3.4% annual rate

Associated Press  

WASHINGTON — The U.S. economy grew at a solid 3.4% annual pace from October through December, the government said Thursday in an upgrade from its previous estimate. But last quarter’s growth was still a solid performance, coming in the face of higher interest rates and powered by growing consumer spending, exports and business investment in buildings and software. In the …

US economy grew solid 3.2% in fourth quarter, a slight downgrade from government’s initial estimate
9 months, 3 weeks ago

US economy grew solid 3.2% in fourth quarter, a slight downgrade from government’s initial estimate

Associated Press  

WASHINGTON — The U.S. economy grew at a robust 3.2% annual pace from October through December, propelled by healthy consumer spending, the Commerce Department reported Wednesday in a slight downgrade from its initial estimate. U.S. growth has now topped 2% for six straight quarters, defying fears that high interest rates would tip the world’s largest economy into a recession. The …

US economy grew solid 3.2% in fourth quarter, a slight downgrade from government's initial estimate
9 months, 3 weeks ago

US economy grew solid 3.2% in fourth quarter, a slight downgrade from government's initial estimate

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The U.S. economy grew at …

US economy grew by 3.3% over the past year - ending fears of recession and sending the S&P and Dow up
10 months, 4 weeks ago

US economy grew by 3.3% over the past year - ending fears of recession and sending the S&P and Dow up

Daily Mail  

Consumers and businesses have continued to spend despite high interest rates The US economy grew much faster than expected in the final three months of last year, trouncing expectations as consumers and businesses continued to spend. The US economy grew much faster than expected in the final three months of last year, trouncing expectations as consumers and businesses continued to …

US economy grew at a surprisingly strong 3.3% pace last quarter, pointing to continued resilience
11 months ago

US economy grew at a surprisingly strong 3.3% pace last quarter, pointing to continued resilience

Associated Press  

WASHINGTON — The nation’s economy grew at an unexpectedly brisk 3.3% annual pace from October through December as Americans showed a continued willingness to spend freely despite high interest rates and price levels that have frustrated many households. Thursday’s report from the Commerce Department said the gross domestic product — the economy’s total output of goods and services — decelerated …

US economic growth accelerated to strong 4.9% rate last quarter as consumers shrugged off Fed hikes
1 year, 1 month ago

US economic growth accelerated to strong 4.9% rate last quarter as consumers shrugged off Fed hikes

Associated Press  

WASHINGTON — The nation’s economy expanded at a robust 4.9% annual rate from July through September as Americans defied higher prices, rising interest rates and widespread forecasts of a recession to spend at a brisk pace. The Commerce Department said the economy expanded last quarter at the fastest pace in nearly two years — and more than twice the 2.1% …

Only richest 20% of Americans still have excess pandemic savings
1 year, 3 months ago

Only richest 20% of Americans still have excess pandemic savings

LA Times  

All income groups have seen their balances decline in real terms from a peak in 2021, according to a new survey by the Federal Reserve. Americans not among the wealthiest 20% of the country have run out of extra savings and now have less cash on hand than they did when the pandemic began, according to the latest Federal Reserve …

Americans will run out of pandemic savings next month, Fed warns
1 year, 4 months ago

Americans will run out of pandemic savings next month, Fed warns

The Telegraph  

Americans will burn through all their pandemic savings by the end of September, according to estimates by the Federal Reserve. Research by economists at the Federal Reserve Bank of San Francisco found Covid-related savings in the US had fallen to less than $190bn in June. Tim Drayson, head of economics at Legal and General Investment Management, said the “unsustainable drawdown …

US economy unexpectedly accelerated to a 2.4% growth rate in April-June quarter despite Fed hikes
1 year, 4 months ago

US economy unexpectedly accelerated to a 2.4% growth rate in April-June quarter despite Fed hikes

Associated Press  

WASHINGTON — The U.S. economy surprisingly accelerated to a 2.4% annual growth rate from April through June, showing continued resilience in the face of steadily higher interest rates resulting from the Federal Reserve’s 16-month-long fight to bring down inflation. Consumer spending, the heart of the nation’s economy, was also solid last quarter, though it slowed to a 1.6% annual rate …

US economy grew at weak 1.1% rate in Q1 in sign of slowdown
1 year, 7 months ago

US economy grew at weak 1.1% rate in Q1 in sign of slowdown

Associated Press  

WASHINGTON — The U.S. economy slowed sharply from January through March, decelerating to just a 1.1% annual pace as higher interest rates hammered the housing market and businesses reduced their inventories. The economy’s slowdown reflects the impact of the Federal Reserve’s aggressive drive to tame inflation, with nine interest rate hikes over the past year. “We continue to expect the …

How will we know if the US economy is in a recession?
1 year, 7 months ago

How will we know if the US economy is in a recession?

Associated Press  

WASHINGTON — The government’s report Thursday that the economy grew at a 1.1% annual rate last quarter signaled that one of the most-anticipated recessions in recent U.S. history has yet to arrive. The economy’s direction has confounded the Fed’s policymakers and many private economists ever since growth screeched to a halt in March 2020, when COVID-19 struck and 22 million …

US inflation and consumer spending cooled in December
1 year, 10 months ago

US inflation and consumer spending cooled in December

Associated Press  

WASHINGTON — The Federal Reserve’s preferred inflation gauge eased further in December, and consumer spending fell — the latest evidence that the Fed’s series of interest rate hikes are slowing the economy. Friday’s report from the Commerce Department showed that prices rose 5% last month from a year earlier, down from a 5.5% year-over-year increase in November. Last year’s holiday …

U.S. economy slowed but still grew at 2.9% rate last quarter
1 year, 10 months ago

U.S. economy slowed but still grew at 2.9% rate last quarter

LA Times  

An employee works in the battery assembly hall at the BMW Spartanburg plant in Greer, S.C., on Oct. 19. The U.S. economy expanded at a 2.9% annual pace from October through December, ending 2022 with momentum despite the pressure of high interest rates and widespread fears of a looming recession. Thursday’s estimate from the Commerce Department showed that the nation’s …

US recession a growing fear as Fed plans to keep rates high
2 years ago

US recession a growing fear as Fed plans to keep rates high

Associated Press  

WASHINGTON — After scaling 40-year highs, inflation in the United States has been slowly easing since summer. We’re going to break inflation or we’re going to break the economy.’’ Many investors had convinced themselves that with inflation pressures gradually easing, the Fed might soon declare some progress in their fight and perhaps even reverse course and cut rates sometime in …

US economy returned to growth last quarter, expanding 2.6%
2 years, 1 month ago

US economy returned to growth last quarter, expanding 2.6%

Associated Press  

WASHINGTON — The U.S. economy grew at a 2.6% annual rate from July through September, snapping two straight quarters of contraction and overcoming high inflation and interest rates just as voting begins in midterm elections in which the economy’s health has emerged as a paramount issue. Stronger exports and consumer spending, backed by a healthy job market, helped restore growth …

US economy drops at 0.6% annual rate from April through June
2 years, 2 months ago

US economy drops at 0.6% annual rate from April through June

Associated Press  

WASHINGTON — Battered by surging consumer prices and rising interest rates, the U.S. economy shrank at a 0.6% annual rate from April through June, the government announced Thursday, unchanged from its previous second-quarter estimate. But the Fed has raised interest rates five times this year — most recently Sept. 21 — to rein in consumer prices, which were up 8.3% …

US economy shrank from April through June, second time in a row
2 years, 2 months ago

US economy shrank from April through June, second time in a row

Al Jazeera  

The United States economy continues to send mixed signals with some believing it is on the brink of a recession while others point to a stronger than usual jobs market. Battered by surging consumer prices and rising interest rates, the United States economy shrank at a 0.6 percent annual rate from April through June, the government has announced, unchanged from …

Government revision shows economy shrank 0.6% last quarter
2 years, 3 months ago

Government revision shows economy shrank 0.6% last quarter

Associated Press  

WASHINGTON — The U.S. economy shrank at a 0.6% annual rate from April through June, the government said Thursday in an upgrade from its initial estimate. Most economists, though, have said they doubt the economy is in or on the verge of a recession, given that America’s job market remains robust, with strong hiring, low unemployment and widespread openings. In …

US economy transitions to slower growth as inflation weighs on consumers
2 years, 4 months ago

US economy transitions to slower growth as inflation weighs on consumers

Live Mint  

The U.S. economy is enduring a rocky transition from an exceptionally strong recovery to a steep slowdown as rising inflation and interest rates weigh on consumers and businesses. The Federal Reserve’s preferred inflation gauge rose 6.8% in June from the year before, the sharpest rise since January 1982, the Commerce Department said Friday. Friday’s Labor Department report on wages “is …

United States recession fears grow as economy contracts for second quarter
2 years, 4 months ago

United States recession fears grow as economy contracts for second quarter

ABC  

The United States economy has unexpectedly contracted in the second quarter, with consumer spending growing at its slowest pace in two years and business spending declining, raising speculation the economy is on the cusp of a recession. Key points: Prices for groceries, petrol and other basics increased at the fastest pace since 1981 Job growth averaged 456,700 per month in …

US economy shrinks for a 2nd quarter, raising recession fear
2 years, 4 months ago

US economy shrinks for a 2nd quarter, raising recession fear

Associated Press  

WASHINGTON — The U.S. economy shrank from April through June for a second straight quarter, contracting at a 0.9% annual pace and raising fears that the nation may be approaching a recession. “The fact that the economy created 2.7 million payrolls in the first half of the year would seem to argue against an official recession call for now.” Still, …

US Economy Shrinks 0.9% In June 2022 Quarter, 2nd Straight Drop; Raises Fears Of Recession
2 years, 4 months ago

US Economy Shrinks 0.9% In June 2022 Quarter, 2nd Straight Drop; Raises Fears Of Recession

News 18  

The US economy contracted again in the second quarter amid aggressive monetary policy tightening from the Federal Reserve to combat high inflation, which could fan financial market fears that the economy was already in recession. But the National Bureau of Economic Research, the official arbiter of recessions in the United States defines a recession as “a significant decline in economic …

US economy shrinks for a second quarter, fuelling recession fears
2 years, 4 months ago

US economy shrinks for a second quarter, fuelling recession fears

Al Jazeera  

The fall in US GDP comes on the heels of the Federal Reserve raising interest rates, as Chair Jerome Powell says growth needs to slow. The US economy shrank for a second straight quarter, raising chances of a recession, as decades-high inflation undercut consumer spending and Federal Reserve interest-rate hikes stymied business investment and housing demand. The report illustrates how …

If the US is in a recession, It’s a very strange one
2 years, 5 months ago

If the US is in a recession, It’s a very strange one

Live Mint  

The U.S. economy has experienced 12 recessions since World War II, and each one included two features: Economic output contracted and unemployment rose. “I would be surprised if there were a recession without much job loss," said Gregory Mankiw, a Harvard University economics professor. Robert Gordon, a Northwestern University economics professor and member of the NBER’s business cycle dating committee, …

US Economy Shrank by 1.5% in Q1 but Consumers Kept Spending
2 years, 6 months ago

US Economy Shrank by 1.5% in Q1 but Consumers Kept Spending

News 18  

The US economy shrank in the first three months of the year even though consumers and businesses kept spending at a solid pace, the government reported Thursday in a slight downgrade of its previous estimate for the January-March quarter. Last quarter’s drop in the US gross domestic product the broadest gauge of economic output does not likely signal the start …

US economy unexpectedly shrinks in 2022’s first quarter
2 years, 7 months ago

US economy unexpectedly shrinks in 2022’s first quarter

Al Jazeera  

The U.S. economy unexpectedly shrank last quarter for the first time since 2020 as the trade deficit ballooned, adding to political headaches for President Joe Biden but unlikely to sway the Federal Reserve from hiking interest rates aggressively to combat inflation. Gross domestic product fell at a 1.4% annualized rate as surging imports and softer inventory growth more than offset …

The economy is recovering fast. But we need to ensure it works for everyone
2 years, 9 months ago

The economy is recovering fast. But we need to ensure it works for everyone

CNN  

Editor’s Note: Elise Gould is a senior economist at the Economic Policy Institute. When the coronavirus pandemic shut down businesses across the US in spring 2020, the labor market lost 22 million jobs in just two months — more than twice as many jobs lost during the entire Great Recession and financial crisis of 2008-2009. Given that a full labor …

Most Americans have come out ahead economically in the pandemic, despite inflation
2 years, 10 months ago

Most Americans have come out ahead economically in the pandemic, despite inflation

CNN  

CNN — Public discontent with America’s pandemic-battered economy obscures the good news: Even after inflation, most of the country has been coming out ahead. “For most people,” concludes Michael Strain, who directs economic policy studies at the right-leaning American Enterprise Institute, “the current economic situation is good.” You couldn’t tell that from public opinion, though. A CNN poll last week …

A likely poor jobs figure for January could prove temporary
2 years, 10 months ago

A likely poor jobs figure for January could prove temporary

LA Times  

Last month, U.S. employers might have shed jobs for the first time in about a year, potentially raising alarms about the economy’s trajectory. Yet even if the January employment report coming Friday were to show a deep loss of jobs, there would be little mystery about the likely culprit: a wave of Omicron cases last month that led millions of …

US economy grew 5.7% in 2021 in rebound from 2020 recession
2 years, 10 months ago

US economy grew 5.7% in 2021 in rebound from 2020 recession

Associated Press  

WASHINGTON — The U.S. economy grew last year at the fastest pace since Ronald Reagan’s presidency, bouncing back with resilience from 2020’s brief but devastating coronavirus recession. What’s more, the Federal Reserve made clear Wednesday that it plans to raise interest rates multiple times this year to battle the hottest inflation in nearly four decades. “The upside surprise came largely …

US economy grew at 2.3% rate in Q3, up from earlier estimate
3 years ago

US economy grew at 2.3% rate in Q3, up from earlier estimate

Associated Press  

WASHINGTON — The U.S. economy grew at a 2.3% rate in the third quarter, slightly better than previously thought, the Commerce Department said Wednesday. “History is repeating itself with the COVID virus suddenly reappearing and dampening economic growth prospects,” said Sung Won Sohn, an economics and business professor Loyola Marymount University in Los Angeles. Kathy Bostjancic, chief U.S. financial economist …

US unemployment claims drop to new pandemic low
3 years, 1 month ago

US unemployment claims drop to new pandemic low

Live Mint  

The number of Americans applying for unemployment benefits fell to a fresh pandemic low last week, another sign the job market is healing after last year's coronavirus recession. Since topping 900,000 in early January, the weekly applications have fallen more or less steadily ever since and are gradually moving toward prepandemic levels of around 220,000 a week. Overall, 2.1 million …

US consumer spending up a modest 0.6% with inflation high
3 years, 1 month ago

US consumer spending up a modest 0.6% with inflation high

Associated Press  

WASHINGTON — American consumers slowed their spending to a gain of just 0.6% in September, a cautionary sign for an economy that remains in the grip of a pandemic and a prolonged bout of high inflation. On Thursday, the government estimated that the economy slowed sharply to a 2% annual growth rate in the July-September period, the weakest quarterly expansion …

US economy slowed to a 2% rate last quarter in face of COVID
3 years, 1 month ago

US economy slowed to a 2% rate last quarter in face of COVID

Associated Press  

WASHINGTON — Hampered by rising COVID-19 cases and persistent supply shortages, the U.S. economy slowed sharply to a 2% annual growth rate in the July-September period, the weakest quarterly expansion since the recovery from the pandemic recession began last year. The 2% annual growth last quarter fell below expectations and would have been even weaker if not for an increase …

US consumers boost spending 1% as inflation remains high
3 years, 4 months ago

US consumers boost spending 1% as inflation remains high

Associated Press  

WASHINGTON — American consumers increased their spending by 1% in June — a dose of energy for an economy that is quickly rebounding from the pandemic recession but is facing new risks led by the delta variant of the coronavirus. June’s solid increase in consumer spending provided further evidence that consumers are driving a strengthening recovery from the pandemic recession. …

U.S. Economy Accelerated At A Solid 6.5% Rate Last Quarter
3 years, 4 months ago

U.S. Economy Accelerated At A Solid 6.5% Rate Last Quarter

Huff Post  

LOADING ERROR LOADING WASHINGTON — Fueled by vaccinations and government aid, the U.S. economy grew at a solid 6.5% annual rate last quarter in another sign that the nation has achieved a sustained recovery from the pandemic recession. Thursday’s report from the Commerce Department estimated that the nation’s gross domestic product — its total output of goods and services — …

The US economy grew at an annual rate of 6.5% in the second quarter
3 years, 4 months ago

The US economy grew at an annual rate of 6.5% in the second quarter

CNN  

New York CNN Business — The US economy in the second quarter expanded at a slower rate than expected but still at its fastest pace since last fall, growing at a seasonally adjusted, annualized rate of 6.5%. But the GDP report also pointed at the underlying factors driving prices up: “Supply constraints and labour shortages mounted, suggesting a downward revision …

March US incomes surge as relief rolls out, spending jumps
3 years, 7 months ago

March US incomes surge as relief rolls out, spending jumps

Associated Press  

WASHINGTON — U.S. consumer spending rose at the fastest pace in nine months while incomes soared by a record amount in March, reflecting billions of dollars in government support payments aimed at putting the country firmly on the road to recovery. The big gain reflected delivery of billions of dollars in relief payments with individuals getting up to $1,400 payments …

With layoffs down and spending up, US rebound gains momentum
3 years, 8 months ago

With layoffs down and spending up, US rebound gains momentum

Associated Press  

WASHINGTON — A much-awaited economic boom coming off the pandemic recession appeared to edge closer to reality Thursday with fresh data showing the pace of layoffs dwindling, consumers spending freely and manufacturing rebounding. And sales at retail stores and restaurants jumped 9.8% in March, the biggest gain since last May, when the economy first started to rebound from the virus’ …

US jobs report: 916,000 jobs added in March as pandemic recovery picks up speed
3 years, 8 months ago

US jobs report: 916,000 jobs added in March as pandemic recovery picks up speed

CNN  

New York CNN Business — The US economy’s recovery from the pandemic strengthened in March as employers added 916,000 jobs — the biggest gain since August, the Labor Department reported Friday. Delivery services, such as FedEx and United Parcel Service, which had already posted among the biggest job gains of the last year due to the increase in online shopping, …

US consumer spending and incomes fall, but rebound is expected
3 years, 8 months ago

US consumer spending and incomes fall, but rebound is expected

Al Jazeera  

Both consumer spending and personal incomes are expected to rebound in March as Americans receive stimulus cheques. Consumers’ spending and personal incomes both fell sharply in February as severe winter storms disrupted shopping in many parts of the United States and as the government wrapped up distribution of $600 relief payments. Consumer spending fell one percent last month, the Commerce …

One year into the pandemic, America is still down nearly 10 million jobs
3 years, 9 months ago

One year into the pandemic, America is still down nearly 10 million jobs

CNN  

New York CNN Business — The American job market is nowhere near fixed. Nearly one year into the pandemic, the nation is still down nearly 10 million jobs. Continued benefit claims, which count applications submitted for at least two weeks in a row, stood at 4.3 million in the week ended February 20, down from the week before. To be …

US consumers rebound to boost spending 2.4% as income jumps
3 years, 9 months ago

US consumers rebound to boost spending 2.4% as income jumps

Associated Press  

WASHINGTON — Bouncing back from months of retrenchment, America’s consumers stepped up their spending by a solid 2.4% in January, the sharpest increase in seven months and a sign that the economy may be poised to sustain a recovery from the pandemic recession. Friday’s report from the Commerce Department also showed that personal incomes, which provide the fuel for spending, …

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