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