(211030) -- LOS ANGELES, Oct. 30, 2021 (Xinhua) -- Fully loaded container ships are seen at the port of Los Angeles, California, the United States, Oct. 29, 2021. Port congestion has been a glaring part of the ongoing U.S. supply chain crisis. The ports of Los Angeles and Long Beach together handle 40 percent of U.S. imports. Last week, Southern California hit a record high of 100 ships floating off the coast, waiting to enter and unload their cargo, according to the non-profit Marine Exchange of Southern California. (Xinhua) (Photo by Xinhua/Sipa USA)
U.S.-CALIFORNIA-LOS ANGELES-PORT
WASHINGTON (AP) — The U.S. economy grew last year at the fastest pace since Ronald Reagan’s presidency, bouncing back with resilience from 2020′s brief but devastating coronavirus recession. The nation’s gross domestic product — its total output of goods and services — expanded 5.7% in 2021.
It was the strongest calendar-year growth since a 7.2% surge in 1984 after a previous recession.
The economy ended the year by growing at a solid 6.9% annual pace from October through December.
Squeezed by inflation and still gripped by COVID-19 caseloads, the economy is expected to keep expanding this year, though at a slower pace.
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