Oliver Mangan: Pointers suggest Biden's US economy is on cusp of historic boom

The rapid rollout of vaccines, substantial levels of fiscal spending, and raised household spending is seeing the US economy rebound spectacularly in  President Joe Biden's first 100 days in office. Picture: Jim Watson/Pool via AP

The US economy contracted much less than initially feared last year and it is on train to rebound this year as the rapid rollout of highly effective vaccines, substantial levels of fiscal spending and a rundown of household savings boosts growth. 

As the latest GDP report showed, the US economy expanded at a 6.4% annualised rate in the quarter, driven by a large rise in consumer spending.