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This fact brief was originally published as an experiment to test the concepts behind fact briefs.

Readers should be aware that while there is still a lot of useful information in fact briefs like this one, not all of them reflect Gigafact's current methods and standards for fact briefs. If you come across any that you feel are out of date, don't hesitate to contact us at support@gigafact.org.

FACT BRIEF

Is the US economy growing at the fastest pace in nearly three decades?

Monday, June 28, 2021

By Lisa Freedland

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YES

U.S. gross domestic product in the first quarter of 2021 posted its biggest increase in almost three decades, expanding at an annual rate of 6.4%. That was the highest rate since 1984.

The Federal Reserve Board on June 16 raised its outlook for full year growth to 7%, which would also be the highest rate since 1984. The pace of expansion reflects the strong recovery from a sharp economic slowdown caused by the coronavirus pandemic. The Fed expects growth in 2022 to reach 3.3%, above its longer-term outlook as well as the pace of the last 15 years.

The recovery has also led to a higher reported rate of inflation, with the benchmark index figure in May up 3.9% from last year, representing the greatest increase since 1992. Fed officials expect the price increases to abate as overall conditions return closer to normal.

This fact brief is responsive to conversations such as this one.

Sources

Bureau of Economic Analysis Gross Domestic Product

Federal Reserve System Summary of economic projections

World Bank US GDP growth, 1961-2019

Bureau of Economic Analysis Personal consumption expenditures price index

CNBC Key inflation indicator posts biggest year-over-year gain in nearly three decades

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Gigafact

Between 2020 and 2022, under close editorial supervision, Gigafact contracted a group of freelance writers and editors to test the concepts for fact briefs and provide inputs to our software development process. We call this effort Gigafact Foundry. Over the course of these two years, Gigafact Foundry writers published over 1500 fact briefs in response to claims they found online. Their important work forms the basis of Gigafact formats and editorial guidelines, and is available to the public on Gigafact.org. Readers should be aware that while there is still a lot of relevant information to be found, not all fact briefs produced by Gigafact Foundry reflect Gigafact's current methods and standards for fact briefs. If you come across any that you feel are out of date and need to be looked at with fresh eyes, don't hesitate to contact us at support@gigafact.org.

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Fact briefs are short, credibly sourced summaries that offer “yes/no” answers in response to claims found online. They rely on publicly available, often primary source data and documents. Fact briefs are created by contributors to Gigafact —a nonprofit project looking to expand participation in fact-checking and protect the democratic process. See all fact briefs here.