The U.S. economy grew at a 6.5% annual rate in Q2 of 2021. This is the best quarter US economy has had since fall 2003, which at that time, was the strongest data since 1984.
As a matter of fact, in the first half of this year, the economy grew at the fastest rate in nearly 40 years. As a reference, looking at the last recession numbers, it took two years to return to the previous level. Today, still in the middle of the pandemic crisis, it took only half as long.
It is official, the U.S. economy has now made up the losses of the last 18 months and surpassed the pre-pandemic economy numbers. Real GDP is now above it’s pre-pandemic level. Real GDP growth so far in 2021 is substantially outpacing the pre-ARP forecasts. CBO predicted real GDP would be 3% below its pre-pandemic peak in Q2 2021. Vaccination plan and stimulus money -part of the American Rescue Plan- are the main reasons for these very encouraging results.
This data is the reflection of the results shown all across the U.S. economy: 850,000 jobs created in June 2021 – with an average of 600,000 jobs created each month since January, 20th 2021. As it is today, more than 3,000,000 jobs have been created since then. That’s more jobs created faster than any other U.S. President’s first four months in history. An impressive detail is that wages around the country are higher than ever in history, too.
Undoubtedly, things are getting better for the U.S., but there is still a lot of work to do. Convincing people to get vaccinated is probably the main challenge Biden’s Administration currently faces. Getting more people vaccinated will means getting more people back to work faster. According to Biden’s agenda, millions of jobs will be created by investing in clean energy, caregiving, education, school, construction, etc.
The Bipartisan Infrastructure Deal is a huge accomplishment for Biden Administration. Along with The Build Back Better agenda, it is estimated that will add approximately 2 million jobs per year over the course of a decade.
“America is on the move again, and today’s new GDP numbers put our economy back at pre-pandemic levels. Make no mistake: this growth is no accident, it’s a direct result of our efforts to deliver economic relief to families, small businesses, and communities across the country”.
~President Joe Biden