Gross domestic product increased at a 6.4 percent annualized rate last quarter, the Commerce Department said on Thursday in its advance estimate of GDP for the first three months of the year. That was the second-fastest GDP growth pace since the third quarter of 2003 and followed a 4.3 percent rate in the fourth quarter.
Still, the economy remains at least a couple of years away from fully recovering from the pandemic recession, which started in February 2020. The Federal Reserve on Wednesday acknowledged the burgeoning domestic activity, but the US central bank gave no sign it was ready to reduce its extraordinary support for the recovery.
A separate report from the Labor Department on Thursday showed 553,000 people filed for state unemployment benefits during the week ended April 24, compared to 566,000 in the prior period.
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