Oliver Mangan: Biden prepares stimulus package as US economy heats up
The scale of the proposed fiscal stimulus from President Joe Biden is enormous, at some 9% of GDP. Picture: AP
The data released in the past week show that the recovery in the US economy is gaining momentum even before President Biden’s proposed, super-sized $1.9trn (€1.57trn) fiscal stimulus package is passed into law.
The most eye-watering release was the 5.3% jump in retail sales in January, which far exceeded the forecast rise of 1% while manufacturing output rose by 1% in the month and is now just 1% below its pre-Covid level.
