In a sign that the long-term recovery from the economic despair of the coronavirus pandemic continues to increase, the US economy grew by 6.4% in the first quarter of 2021, far outpacing the slower-than-expected fourth quarter of 2020, which only hit the 4.3%.

The so-called “third estimate” of quarterly growth was unchanged from earlier estimates, showing that temporary factors were not major players in the initial calculations.  It sets the US economy up for a very strong performance for the year, which some pundits say could be the strongest economy in seven decades, according to the Associated Press.

While weekly first-time unemployment claims still hung around 400,000–Thursday’s figure came in at 411,000–economic data show the US set to have an annual GDP growth somewhere between 6.0 to 7.5%  The US hit 7.4% growth in 1951, while the next best year was 7.2% in 1984. 

“This summer will be hot for the U.S. economy,” said Lydia Boussour, lead U.S. economist for Oxford Economics. “As the health situation continues to improve, consumers sitting on piles of savings will give into the urge to splurge on services and experiences they felt deprived of during the pandemic.”

The bipartisan infrastructure deal, announced Thursday afternoon by President Joe Biden, will spur optimism in the US economy as long-term job prospects stemming from the package will stimulate local economies and provide long-needed infrastructure improvements for roads as well as internet access and the power grid.