Q1 US Real Gross Domestic Product at 6.4% Annual Rate

In a clear victory for the Biden Administration over the do-nothing party of nothings, the Department of Commerce’s Bureau of Economic Analysis (BEA) has released the advance estimate for gross domestic product (GDP) for Q1 of 2021. It’s good news for auto industry workers.

Commerce says that real gross domestic product increased at a 6.4% annual rate. Personal consumption expenditures increased by a vigorous 10.7% annual rate, while business investment in equipment and intellectual property products continued to grow steadily.

“The President entered office with a plan to Build Back Better, and as he said this week, America is moving forward, but we can’t stop now.  A simple bounce-back is not sufficient,” said U.S. Secretary of Commerce Gina M. Raimondo.

The first-quarter increase in real GDP reflected increases in consumer spending, business investment, government spending, and housing investment that were partially offset by decreases in inventory investment and exports. Imports, a subtraction in the calculation of GDP, increased.

“We need the strategic investments included in the American Jobs Plan and American Families Plan to not only return to where we were prior to the pandemic, but to build our country and our economy back better. We need big, bold aciclovir actions that invest in our families, our workforce, and our infrastructure that position America to out-compete on the global stage for decades to come,” said Raimondo.

• The increase in consumer spending reflected increases in goods (led by motor vehicles and parts) and services (led by food services and accommodations).
• The increase in business investment reflected increases in equipment (led by information processing equipment) and intellectual property products (led by software).
• The increase in government spending primarily reflected an increase in federal spending related to payments made to banks for processing and administering the Paycheck Protection Program loan applications as well as purchases of COVID-19 vaccines for distribution to the public.
• The decrease in inventory investment primarily reflected a decrease in retail trade inventories.

Although a small agency, BEA produces closely watched and significant economic indicators, such as gross domestic product (GDP) and the trade balance, that directly affect decisions – good and bad – made by policy makers, business leaders, and the American public.

*The GOP do nothing for the non-rich other than stimulate attacks on our democracy with ongoing lies, aka Q-non P, aka the Mira-lardo led white supremacists, aka the Party of Treason…