February 2022 O'Neal Steel Market Informer

U.S. Economy Grew By 5.7% Last Year

Its fastest pace since 1984, rebounding from a sharp but brief coronavirus-induced recession in March 2020. The nation’s gross domestic product, a measure of all goods and services produced, expanded by 5.7% in 2021, the Commerce Department reported on January 27. Growth accelerated even faster during the period from October to December, rising to 6.9% on an annualized basis.

With inflation running hot and COVID-19 cases from the highly contagious omicron variant filling overworked hospitals and keeping workers at home, the economy is expected to grow at a slower rate in 2022. Economists have already slashed their forecasts for the first quarter, due to the impact of Omicron.

Source: NBC, 01.27.2022

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