During the fourth quarter of 2021, US GDP continued the recovery that began in 3Q20, increasing year-on-year growth from the previous quarter to 5.50%. The recovery in economic activity during this period was the result of increases in private consumption, investment and exports. On the external demand side, export growth outpaced import growth. Regarding the labour market, the unemployment rate decelerated by 2.60 p.p. compared with the same quarter of the previous year, to 4.20%. The year-on-year rate of change in employment decelerated from the previous quarter by 1.24 p.p. to 3.60%. Inflation in the period increased from the previous quarter to 6.44%. Finally, the dollar appreciated against the euro, with an average exchange rate of 1.14 $/€ during the fourth quarter of the year.


Macroeconomic outlook report: USA 4Q21

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Macroeconomic overview

  • The U.S. economy experienced an increase and registered a year-over-year rate of 5.50% during the fourth quarter of 2021, increasing by 0.60 p.p. when compared to the previous quarter. This slow recovery was due to a resurgence of COVID-19 cases resulting in new restrictions and delays in the reopening of establishments in some parts of the country besides persistent supply disruptions causing growth to moderate.
  • Regarding the labor market, the unemployment decreased by 2.60 p.p. with respect to the fourth quarter of 2020, reaching a rate of 4.20 %. On the other hand, the year-on-year growth rate of employment decreased by 1.24 p.p. when compared to 3Q21, recording a 3.60% rate.
  • The US dollar appreciated against the euro compared to the third quarter of 2021, registering an exchange rate of 1.14 $/€ during 4Q21.
  • During 4Q21, inflation in the US registered a rate of 6.44 %, after an increase of 1.01 p.p. compared to the previous quarter.

For more information, click here to access the executive document in pdf (only avalaible in English).