U.S. economy grew strongly in the first three months of 2021

The U.S. economy grew at a brisk 6.4% annual rate last quarter, powered by consumers, government aid and declining coronavirus cases.

The nation's gross domestic product — the total output of goods and services — accelerated in the January-March quarter from a 4.3% annual gain in the final quarter of 2020, the Commerce Department said on Thursday. The increases were led by growing spending on durable goods, especially vehicles and at restaurants and bars. "In early 2021, the U.S. economy was served a strong cocktail of improving health conditions and rapid vaccinations, along with a fizzy dose of fiscal stimulus and a steady flow of monetary policy support," analysts with Oxford Economics said in a note.