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Source: Bureau of Economic Analysis

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.

Go deeper

Here comes the reopening boom

Illustration: Sarah Grillo/Axios

Declining COVID cases, rising vaccination rates, trillions of dollars in government spending and an accommodative Federal Reserve are coming together to create a year of U.S. economic growth for the record books.

Why it matters: A sustained, surging economy is the best way to erase the brutal legacy of business losses and unemployment caused by the pandemic.

Big Tech earnings-palooza arrives as Alphabet reports quarterly sales

Illustration: Aïda Amer/Axios

Big Tech had a record 2020. The party might not be over.

What's new: Alphabet just reported record first-quarter sales.

Updated Apr 28, 2021 - Politics & Policy

Biden's latest $1 trillion+ plan

Photo: Drew Angerer / Getty Images

President Biden on Wednesday will present his third $1 trillion+ package to Congress since taking office, asking for $1.8 trillion in new spending to expand the American education system, provide more help for childcare and create millions more jobs.

The big picture: Biden is also proposing a series of tax hikes on the rich, which his administration vows will not hit Americans who make less than $400,000 and households with less than $1 million in capital gains.