As the economy recovers from the pandemic, home sales are booming, stocks are setting record highs yet the US economy is nowhere close to what it was pre-pandemic with high unemployment, low consumer confidence and less consumer spending. The virus outbreak is still raging and the Congress is deadlocked over providing more relief to the US citizens.
According to the article, roughly 1 million new Americans are applying for unemployment benefits every week. Economists say that as many businesses have reopened and consumers have begun shopping and spending more, the picture is beginning to brighten, if only fitfully. Most say the economy is growing again. Yet scars are sure to remain from the catastrophic April-June quarter, when, according to the government, the economy collapsed at a 31.7% annual rate.
Some industries, notably those involving travel and hotels and restaurants, could struggle for years. And while the number of confirmed viral infections has been declining, the threat of a major resurgence remains, especially as students increasingly return to schools and colleges.
In a survey released last week by the National Association for Business Economics, two-thirds of the economists said that they thought the U.S. economy remains in recession. Nearly half said they didn’t expect it to return to pre-pandemic levels until mid-2022. Eighty percent put the likelihood that any recovery will give way to a “double-dip” recession at 25% or more.
Do you think we are still recession or recovering out of it? How long will it take for the US economy to recover?
https://www.nbcnews.com/business/economy/virus-rages-us-economy-struggles-sustain-recovery-n1238693
According to the article, roughly 1 million new Americans are applying for unemployment benefits every week. Economists say that as many businesses have reopened and consumers have begun shopping and spending more, the picture is beginning to brighten, if only fitfully. Most say the economy is growing again. Yet scars are sure to remain from the catastrophic April-June quarter, when, according to the government, the economy collapsed at a 31.7% annual rate.
Some industries, notably those involving travel and hotels and restaurants, could struggle for years. And while the number of confirmed viral infections has been declining, the threat of a major resurgence remains, especially as students increasingly return to schools and colleges.
In a survey released last week by the National Association for Business Economics, two-thirds of the economists said that they thought the U.S. economy remains in recession. Nearly half said they didn’t expect it to return to pre-pandemic levels until mid-2022. Eighty percent put the likelihood that any recovery will give way to a “double-dip” recession at 25% or more.
Do you think we are still recession or recovering out of it? How long will it take for the US economy to recover?
https://www.nbcnews.com/business/economy/virus-rages-us-economy-struggles-sustain-recovery-n1238693
