Consumer Behavior

Economy surges as consumers spend big

Photo by istock.com

April 30, 2021

The U.S. economy is having its best quarterly results in18 years.

The U.S gross domestic product, a measurement of total goods and services produced, hit 6.4% in the first quarter of the year, according to a NBC report citing estimates released from the Commerce Department. Economists had predicted an increase of 6.5%.

The figure indicates consumers are doing their part to revive the economy after a year of the COVID-19 pandemic, as consumer spend spiked 10.7% in the quarter.

In fact, the business rebound is creating a headache for many retailers as workers are proving hard to find and hire.