Kuwait- US economy posts 1.6 pct in Q1 in '21

(MENAFN - Kuwait News Agency (KUNA)) WASHINGTON, April 29 (KUNA) -- The US economic recovery picked up speed in early 2021, with the economy growing 1.6 percent in the first three months of the year amid a coronavirus vaccination campaign and massive stimulus spending from the federal government.Real gross domestic product (GDP) increased at an annual rate of 6.4 percent in the first quarter of 2021, reflecting the continued economic recovery, reopening of establishments, and continued government response related to the COVID-19 pandemic, according to Bureau of Economic Analysis affiliated of the Department of Commerce.In the week ending April 24, the advance figure for seasonally adjusted initial claims was 553,000, a decrease of 13,000 from the previous week's revised level, according to Labor Department's unemployment insurance weekly claims. This is the lowest level for this average since March 14, 2020. The advance seasonally adjusted insured unemployment rate was 2.6 percent for the week ending April 17, unchanged from the previous week's unrevised rate. (end) rsr.hm MENAFN29042021000071011013ID1102002680