The U.S. economy emerged from the pandemic even more quickly than previously reportedwow888, revised data from the federal government shows.
The Commerce Department on Thursday released updated estimates of gross domestic product over the past five years, part of a longstanding annual process to incorporate data that isn’t available in time for the agency’s quarterly releases.
The new estimates show that G.D.P., adjusted for inflation, grew faster in 2021, 2022 and early 2023 than initially believed. The revisions are relatively small in most quarters, but they suggest that the rebound from the pandemic — already among the fastest recoveries on record — was stronger and more consistent than earlier data showed.
Quarterly change in gross domestic product, adjusted for inflationQuarterly changes shown as seasonally adjusted annual rates
Source: Bureau of Economic Analysis
By The New York Times
Perhaps most notably, the government now says G.D.P. grew slightly in the second quarter of 2022, rather than contracting as previously believed. As a result, government statistics no longer show the U.S. economy as experiencing two consecutive quarters of declining G.D.P. in early 2022 — a common definition of a recession, though not the one used in the United States. (The revised data still shows that G.D.P. declined in the first quarter of 2022, but more modestly than previously reported.)
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