America's economic growth rate accelerated to 6.4% in the first quarter of 2021, the Bureau of Economic Analysis announced Thursday, picking up from 4.3% in the final quarter of 2020.
By the numbers: There was good news on the employment front, too. New filings for unemployment benefits came in at a post-pandemic low of 553,000 — the second week in a row that we've hit new lows on that front.
- In nominal dollars, the growth rate was a blistering 10.7%, but the Bureau of Economic Analysis subtracted 4.3 points to account for the effects of inflation.
- Personal income soared by 59% to $2.4 trillion, thanks to the most recent round of stimulus.