According to ActionForex, analysts at TD Bank Financial Group note that the U.S. real GDP grew 6.4% (annualized) in the first quarter, ahead of the median consensus forecast for 6.1%. 

"The acceleration in GDP growth came largely from a jump in consumer spending, which rose 10.7% (annualized) in the first quarter. Once again spending on durable goods rocketed higher once again, up 41.4% annualized. According to the BEA, another jump up in vehicles spending was the bulk of the story, but all major durable goods categories saw big spending gains. Services spending rose a solid 4.6%, a step up from 4.3% in Q4, led by spending on food services and accommodation. Still, spending on services remains 5.7% below pre-pandemic levels."

"Non-residential fixed investment posted a solid 9.9% gain, although the pace of growth has cooled from 13.1% in Q4."

"Residential investment continued its strong performance, expanding 10.8% in Q1."

"Government spending jumped 6.3%, the strongest increase since Q4 2001. Federal nondefense spending shot up 44.8% annualized, driven by payments made to banks for administering the PPP program. Outlays at the state and local level rose 1.7%, the first increase since the pandemic hit."

"The export recovery took a breather in Q1, as exports fell 1.1%. Imports continued to gain ground, up 5.7%. Therefore, net exports subtracted 0.9 percentage points from growth."

"Thanks to two rounds of stimulus payments and vaccinations ramping up, consumer unleashed some serious spending in the first quarter of 2021. As a result, the U.S. is on track to exceed its pre-pandemic level of activity in the second quarter, and will start making up for lost ground over the coming quarters."