BAS Presentations - March 2023

Chart 1

Real U.S. Gross Domestic Product Quarterly percent changeat annual rate Gross Domestic Product Expanded in 2021 in Spite of the Pandemic

40

30

20

10

0

-10

-20

-30

-40

2013 2014 2015 2016 2017 2018 2019 2020 2021

Source: Bureau of Economic Analysis (Haver Analytics). Note: Shaded areas indicate recession.

Federal supplemental unemployment insurance, which had supported people who were unemployed due to the pandemic and covered jobs that were not traditionally eligible, ended in September. While GDP growth improved in fourth quarter on inventory accumulation and renewed consumer spending, the resurgence of the pandemic at year-end weighed on economic activity and sentiment.

Chart 2

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