The reopening economy surged in President Joe Biden’s first 100 days, with U.S. gross domestic product hitting 6.4 percent, the best quarterly reading since 2003. Widespread vaccinations, warmer temperatures and stimulus checks powered the economy to grow by 1.6 percent in the first three months of 2021.
Consumer spending, which accounts for two-thirds of economic growth, increased by 10.7 percent in the first quarter. Spending on services saw a small recovery, expanding by 4.6 percent. In April, consumer confidence hit a 14-month high. According to the Commerce Department, consumers began to spend more freely in the first quarter, led by purchases of autos, homes and big-ticket consumer goods, as well as on services like hotels and restaurants.
