US economic growth accelerated in fourth quarter ahead of Omicron

US economic growth accelerated more quickly than expected in the final quarter of 2021, boosted by consumer spending before disruptions from the Omicron variant of coronavirus hit.

US gross domestic product expanded 6.9 per cent on an annualised basis in the fourth quarter, up from 2.3 per cent growth in the third quarter, the commerce department said on Thursday. That topped economists’ forecast for a 5.5 per cent advance, according to a Reuters poll. GDP rose 1.7 per cent compared with the previous quarter, based on a measure used by other major economies.

Despite disappointing December retail sales data, consumer spending helped to support economic growth, as Americans did their holiday shopping early amid concerns that supply chain snarls could lead to bare store shelves. Personal consumption rose 3.3 per cent in the fourth quarter, following a more modest 2 per cent rise the previous quarter.

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