Economy notches 5.7% growth in 2021 after GDP spikes in fourth quarter
The US economy bounced back sharply in the fourth quarter as consumers splurged again after a summer spike in coronavirus eased cases and businesses replenished depleted inventories.The rebound helped the economy turn in its strongest year of growth since 1984 as business reopenings and rising vaccinations unleashed a well of pent-up demand.The nation's gross domestic product, the value of all goods and services produced in the US, increased at a seasonally adjusted annual rate of 6.9% in the October-December period, the Commerce Department said Thursday. Economists surveyed by Bloomberg had forecast a 5.3% rise in GDP.The showing followed just a 2.3% advance in the third quarter when the economy was constrained by the spread of the delta variant, supply chain bottlenecks, soaring infl...