HUGE: 5.7% GDP Growth in One Year
January 27, 2022
When President Biden took office, he inherited an economy in free fall with millions more Americans out of work. While there is still work to be done, because President Biden and Democrats stepped up and passed the American Rescue Plan, our economy is getting back on track and recovering faster than anyone predicted.
The U.S. economy grew 5.7% in 2021, and at a 6.9% rate in the final three months of the year, making it the strongest year for GDP growth since 1984.
Washington Post: “U.S. economy grew 5.7 percent in 2021, fastest full-year clip since 1984, despite ongoing pandemic”
CNBC: “Gross domestic product, the sum of all goods and services produced during the October-through-December period, increased at a 6.9% annualized pace, the Commerce Department reported Thursday. Economists surveyed by Dow Jones had been looking for a gain of 5.5%. The increase was well above the unrevised 2.3% growth in the third quarter.”
Washington Post’s Heather Long: “The US went from the worst GDP in 2020 since WWII to the best GDP in 2021 since 1984.”
Thank to President Biden’s leadership, in the past week companies have announced they’re investing to create thousands of new manufacturing jobs here in the U.S:
Detroit Free Press: “GM to invest historic $7 billion in 4 facilities across Michigan, creating 4,000 jobs”
Washington Post: “Intel announced Friday that it was building a chip manufacturing campus near Columbus, Ohio, that initially would employ 3,000 people and create thousands more construction jobs.”
Supply chain issues are continuing to improve, as retail inventories increased 4.4% last month.
Associated Press’s Josh Boak: “Big 4.4% m-o-m increase in retail inventories–which is probably a positive sign on supply chain issues.”