The US economy grew at the fastest rate since the Reagan administration in 2021, with a substantial uptick in the final quarter
US gross domestic product -- the broadest measure of economic activity -- expanded 5.7% last year, the fastest pace since 1984 when Ronald Reagan was in the White House, the Bureau of Economic Analysis reported Thursday.The final three months of 2021 got a much better scorecard than economists had predicted: GDP grew at an annualized rate of 6.9% in the fourth quarter.It was a substantial uptick from the Delta-ridden third quarter, GDP grew at an annualized pace of only 2.3%.
Next up: OmicronAs strong as the finish to the 2021 was, the first few months of this year might look rather different.The Omicron variant of the coronavirus, which arrived on the scene in late November, sent infections skyrocketing and caused businesses to struggle as workers stayed home to recover. But much of that impact was confined to late December and into January.
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