Economics/Class Relations

The economy last year grew at its fastest pace in decades, Commerce Department says

By Brigid Kennedy The Week

The nation’s economy grew 5.7 percent last year, the biggest increase since 1984, NPR reports Thursday, per the Commerce Department.

That said, however, the growth “wasn’t a straight line,” notes Mark Zandi, chief economist at Moody’s Analytics. “The economy remains tethered to the pandemic.”

For example, though gross domestic product expanded at a whopping 6.9 percent annual rate in the final three months of 2021, it “recently lost momentum” explains The Wall Street Journal, “with business activity undermined by pandemic-induced shortages of supplies and workers.” Still, as a whole, “2021 marked the strongest economic rebound in decades.”

Business initially boomed during the vaccine rollout last spring and early summer, as protected Americans began to once again travel and dine out. That surge slowed, however, once the Delta variant arrived, notes NPR, and Omicron reared its ugly head not too long after.

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