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April 30, 2021

Recovery from pandemic recession gains momentum

  • The economy grew last quarter at a vigorous 6.4% annual rate and economists expect about 7% for the year.
  • By MARTIN CRUTSINGER and PAUL WISEMAN
    AP Economics Writers

    WASHINGTON — Powered by consumers and fueled by government aid, the U.S. economy is achieving a remarkably fast recovery from the recession that ripped through the nation last year on the heels of the coronavirus and cost tens of millions of Americans their jobs and businesses.

    The economy grew last quarter at a vigorous 6.4% annual rate, the government said Thursday, and expectations are that the current quarter will be even better. The number of people seeking unemployment aid — a rough reflection of layoffs — last week reached its lowest point since the pandemic struck. And the National Association of Realtors said Thursday that more Americans signed contracts to buy homes in March, reflecting a strong housing market as summer approaches.


     
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