The pace of growth in the U.S. economy in the first quarter remained unrevised at a 6.4% annualized rate after the latest revision, the Commerce Department said Thursday.
Economists surveyed by the Wall Street Journal had forecast no revision.
Using more complete source data, the government found that upward revisions to business investment was offset by a larger international trade deficit.
The economy is expanding at a rapid rate as more Americans feel comfortable returning to work and leisure activities as the vaccination rollout combats the coronavirus pandemic. Federal Reserve officials see the economy growing at a 7% annualized rate this year, the fastest pace since 1984.
The key question for policymakers and investors is whether the economy will maintain that torrid growth pace in 2022 and what happens with inflation. The Fed forecasts that growth will slow to a still solid 3.3% annual rate. The first estimate of second-quarter growth will be released at the end of July.
The Strawhecker Group (TSG) and the Electronic Transactions Association (ETA) surveyed over 500 U.S. SMBs in April to understand how the COVID-19 pandemic is currently impacting SMB operations and payments acceptance, and how the market compares to April 2020.
Download the full 35-page report. The report helps the payments industry understand how to best support the SMB community as they continue to manage the pandemic, while moving towards a goal of greater recovery.
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