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Last updateThu, 06 May 2021 8pm

Manufacturing & The Economy

U.S. GDP Increased 6.4% in the First Quarter

In the U.S., the gross domestic product (GDP) increased at an annual rate of 6.4% in the first quarter of 2021, according to the Department of Commerce. In the fourth quarter of 2020, real GDP increased 4.3%.

The increase in first quarter GDP reflected the continued economic recovery, reopening of establishments, and continued government response related to the COVID-19 pandemic. In the first quarter, government assistance payments, such as direct economic impact payments, expanded unemployment benefits, and Paycheck Protection Program loans, were distributed to households and businesses through the Coronavirus Response and Relief Supplemental Appropriations Act and the American Rescue Plan Act. 

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