U.S. economy witnesses significant growth in late 2021

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U.S. economy witnesses significant growth in late 2021
01 Feb 2022
6 min read

News Synopsis

The virus infamously known as coronavirus not only affected the health and lives of the people since its emergence in late December in china in 2019 but also took a serious toll on the economies of the world. The second wave that we witnessed last year was by far more fatal than the first one. Even the strongest of the world economies were struggling including the United States and trying to gain back momentum after that. Recent data shows that the U.S. economy is finally getting back on track as it register a  growth rate of 6.9% in the last quarter of 2021 but slightly lost some of its momentum owing to omicron related cases and supply shortages. The data from a firm that tracks consumer spending shows that even though omicron cases left people panicking and sceptical, they did not refrain from spending money in the first half of January. This is a good sign that indicates that consumers are not too spooked and are adapting to live along with the virus maintaining and practising COVID appropriate behaviour.

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