A strong start in the U.S. economy marks a great year
Beginning in 2021, consumers shook off the pandemic blues and stimulated the purchase of cars and other commodities, setting the stage for the fastest economic growth in decades.
The first reading on the country’s first-quarter economic performance, delivered Thursday by the Commerce Department, showed that many remained far from normal. Even with a significant increase in personal income, spending on travel, food and even services such as healthcare increased only slightly.
But economists say it’s already changing as more vaccinations are offered and coronavirus-related business restrictions are relaxed. There are many reasons for Americans to go out because of the good weather, the accumulation of savings over the years of the blockade, and the itching to compensate for forced inactivity.
Gregory Dako, Chief US Economist at Oxford Economics, said: “Consumers who are…