The small improvement reflects higher residential and inventory investments and increased state and local government spending. These upticks were partially offset by consumer expenditure being revised lower.
In a normal year, an annualized GDP growth rate of 4.1% would be reason to pop some champagne. But in the abnormal world of the pandemic, it leaves the United States way too far in the hole.
For reference, US GDP, which is the broadest measure of economic activity, dropped by 2.5% in 2009, the height of the financial crisis.
–This is a developing story. It will be updated