Skip to main content

U.S. Economy Showed Significant Growth in Q4

Gross domestic product grew at pace of 6.9 percent, but omicron and supply shortages may stymie Q1 2022 numbers.
Adobe Stock

Adobe Stock

The federal government this morning reported that U.S. gross domestic product grew at a 6.9 percent pace in the last quarter of 2021, the biggest expansion since 1984, according to The New York Times.

The news is tempered by indicators that the economy slowed recently as the Covid-19 omicron variant has caused worker shortages and further exacerbated supply chain troubles.

Still, the Wall Street Journal today reported that spending growth slowed in January but hadn’t fallen, a signal that consumers aren’t particularly frightened and that economic growth should resume.

In other financial news, the Federal Reserve signaled its plan to raise interest rates in March, a move to help tamp down elevated rates of inflation.

“I would say that the committee is of a mind to raise the federal funds rate at the March meeting, assuming that the conditions are appropriate for doing so,” Federal Reserve Chairman Jerome H. Powell said in a news conference.

Powell could not cite a specific number but said, “We are aware that this is a very different expansion with higher inflation, higher growth, a much stronger economy — and I think those differences are likely to be reflected in the policy that we implement.”



MIASF Holds Annual Meeting

The South Florida trade organization announced new and reelected members, handed out awards, and arranged presentations by business leaders.


Gas Reaches Record $4.59 Per Gallon Average

With Memorial Day weekend approaching, the summer driving and boating seasons will contribute to continued demand for gasoline.


Power Lodge Acquires Miller Marine

The deal gives marine and powersports dealer Power Lodge four locations in Minnesota and one in Florida.


Boating Shares Suffer in Market Selloff

Major U.S. stock indices weakened yesterday, and recreational marine shares fared even worse on a percentage basis.


Scania Appoints President of U.S. Operations

Company veteran Jorg Franzke replaces Håkan Sterner, who is returning to Sweden.


Promote Safe Boating Week; a Fishing Icon Passes

The May 21-27 observance takes on heightened importance with the thousands of newcomers to boating. Meanwhile, bass fishing lost a legend with the death of Ray Scott.


Azimut-Benetti Booked $2.1B in 2021 Backlog

The builder said new models and a “diversified product portfolio” drove sales growth to record levels.