Updated: Feb 16
In the preliminary estimate released by the Commerce Department’s, the U.S. economy grew 5.7% in the financial year 21, the fastest since 1984. The fourth quarter GDP expanded at a 6.9% annualized rate, beating all expectation, fuelled by low interest rate and massive fiscal stimulus.
Personal consumption expenditures price index (CPE) grew 4.9% year-on-year in the fourth quarter whereas consumer outlay, the measure of the total spent out of income grew 3.3% up from 2% from previous period.
The unemployment rate came below 4% helped by record economic growth. Consumer spending came in the highest since 1946, growing at 7.9%.