The government largesse also extended to businesses, especially in the high-contact services industry. The massive fiscal stimulus and easing anxiety over COVID-19, with all adult Americans now eligible for vaccination against the virus, have resulted in a faster economic rebound in the United States compared to its global rivals.
Economists polled by Reuters had forecast GDP growth would increase at a 6.1% pace in the January-March period. The government has provided nearly $6 trillion in COVID-19 relief over the past year. Robust demand in the first quarter pushed against supply constraints, leading businesses to draw down inventories, limiting the rise in GDP growth.The rapidly accelerating growth could revive fears about the economy overheating. The Federal Reserve on Wednesday acknowledged the burgeoning domestic activity, but the U.S. central bank gave no sign it was ready to reduce its extraordinary support for the recovery.
The labor market is gradually recovering. In a separate report on Thursday, the Labor Department said initial claims for state unemployment benefits fell 13,000 to a seasonally adjusted 553,000 during the week ended April 24.
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