“GDP grew at a 6.9% pace to close out 2021, stronger than expected…”
January 27, 2022
“The U.S. economy grew at a much better than expected pace to end 2021 from sizeable boosts in inventories and consumer spending and despite signs that though the acceleration likely tailed off towards the end of the year. 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 and came despite a surge in omicron cases that likely slowed hiring and output as businesses dealt with large numbers of sick workers…”