- The U.S. economy jumped 6.9% at the annual rate in the fourth quarter. Real GDP growth was buoyed by very strong increases in spending on business inventories and services. The data also show negative impacts from ongoing supply chain disruptions and the spread of the omicron virus, with weaker-than-desired spending on consumer goods and business investment.
- Overall, the U.S. economy rebounded very strongly in 2021, with real GDP soaring 5.7% following the 3.4% decline seen in 2020. The current forecast for 2022 is for 4.3% growth. Although sales for nondefense capital goods excluding aircraft—a proxy for capital spending in the U.S. economy—remained essentially flat, they also inched up from $79.031 billion in November to a new record of $79.065 billion in December.
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