By Doug Barrett
Jun 27, 2021 | 8:02 PM
The U.S. economy grew at a solid 6.4% rate in the first three months of this year, setting the stage for what economists are forecasting could be the strongest year for the economy in possibly seven decades. The Commerce Department said Thursday that growth in the gross domestic product, the country’s total output of goods and services, was unchanged from two previous estimates.
Consumer spending was flat in May while incomes dropped for a second month as the impact of the government’s individual impact payments waned. Inflation, however, posted a sizable gain of 0.4%. The Commerce Department reported that consumer spending was unchanged in May, a marked slowdown following gains of 0.9% in April and a 5% surge in March that had been fueled by distribution of payments of up to $1,400 per individual from a $1.9 trillion stimulus bill.