According to data from the Department of Commerce, in the fourth quarter, the economy recorded a recovery with growth of 4 percent in annual projection, according to the annualized indicator used in the US. UU., figure below analysts ’expectations that expected growth of 4.4 percent.
Compared to the third quarter of the year, growth between October and December was 1 percent. These data show that the recovery is losing strength, after the historic contraction of 31.4 percent in the second quarter in annual projection, which was partially offset by a 33.4 percent rise in the following quarter.
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These figures are crucial for Biden’s new Democratic government, which is seeking approval in Congress of a $ 1.9 trillion relief plan to revive the economy after the government’s funds were exhausted. rescue package approved at the start of the pandemic.
Joe Biden, President of the United States.
EFE / EPA / To the Dragon / Archive
On Wednesday, the Federal Reserve warned that the outlook is “highly uncertain” and said the health of the economy depends on the evolution of the pandemic and the pace of vaccination.
The crisis left millions unemployed and weekly data on new applications for unemployment benefits showed yesterday that layoffs remain at a high level. According to figures from the Department of Labor, as of last week, new applications fell by 67,000.
The loss of business and employment fabric has fueled poverty in a country heavily marked by inequality, and in many cities charitable food services are overflowing.
In the context of the pandemic, experts point out that government capacity for action is limited and that stabilization it depends on the virus being controlled. The United States is the country in the world where more people have died from covid-19, which has left 429,000 dead.
The Commerce Department indicated that the fall in GDP in 2020 reflected contractions in personal spending, exports, non-residential private investment and declines in spending by local and state governments.
AFP
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