Jan 28, 2022 - Economy & Business

U.S. GDP about 1% shy of its pre-pandemic trend

Reproduced from Renaissance Macro Research; Chart: Axios Visuals

The economy grew at a record rate last year — but U.S. GDP is still about 1% shy of its pre-pandemic trend, according to Renaissance Macro Research.

The big picture: Fiscal stimulus is behind us now — and pandemic-era problems like supply chain snags are still holding back a full recovery.

  • “When the motor vehicle sector recovers, we will blow right through [the trend line],” says Neil Dutta, Renaissance Macro’s head of economics.

What to watch: Computer chips! The shortage continues to hold back vehicle production, with no clear end in sight.

Go deeper: 2021 economy boomed at fastest rate in 37 years

Go deeper