In the US, GDP returned to its pre-crisis trend at the end of last year, but aggregate data hid a somewhat elevated degree of heterogeneity between sectors:  while demand in the service sector was (and still is) restrained by pandemic-related factors, the goods sector increasingly showed signs of overheating (Figure 2).
In the spring of 2021, for example, personal consumption expenditure in the durable goods sector was already more than 30 per cent higher than its pre-crisis level.