The U.S. economy rebounds

The U.S. economy rebounds
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Islam News – In the first three months of 2021, the U.S. shook off some of the lingering effects of the pandemic on its economy. Consumer spending grew 2.6 percent and the first-quarter growth rate reached 6.4 percent. Economists predict overall economic activity could return to prepandemic levels in the current quarter.

The strong G.D.P. showing came a day after President Biden justified his large spending packages in a speech to Congress, saying these were necessary steps to compete with China.

He said there was “no reason why American workers can’t lead the world in the production of electric vehicles and batteries,” combining two of his signature arguments: that the U.S. has the capability to outpace China, and that a green agenda produces jobs.

The U.S. plan: Biden has unveiled two large spending packages, including an infrastructure plan with an emphasis on moving semiconductor manufacturing back to the U.S. and focusing on 5G networks, artificial intelligence and advanced robotics. Here’s a breakdown.

The central reality of the U.S. economy in 2021 is that it’s profoundly unequal across sectors, unbalanced in ways that have enormous long-term implications for businesses and workers.

Source: FINANCIAL TIMES

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