America’s economy is rebounding. But it is still in a deep hole
An “annualized” rate is not the same as measuring one quarter to the next; annualizing assumes a quarterly rate would continue for a full year. Economists typically use the annualized rate for US GDP because it makes it easier to compare numbers over different periods of time.
PNC chief economist Gus Faucher expects GDP to grow past its pre-pandemic peak in the middle of this year. Faucher also believes that the stronger-than-usual growth rates will continue into 2022.
Businesses are reopening and trying to catch up with demand. For industries that require social interactions, including traveling and restaurants, the vaccine rollout is key. The combination of more vaccinated Americans and the rolling back of public health measures is crucial for the hospitality industry. In manufacturing, businesses are already struggling to meet demand, thanks to supply and shipping shortages.
After millions of Americans lost their jobs during the height of the pandemic, many have found work again. Together with stimulus checks from Washington, that has helped consumers be more confident about the future.
Meanwhile, workers who were fortunate enough to work throughout the pandemic saved a lot of money last year. With little to spend on outside the home, wallets stayed flush. This promises healthy consumer spending as the economy reopens.
- Removed from royal display, Meghan and Harry waxworks join Madame Tussauds’ ‘party zone’
- NBA playoff watch: Phoenix slows Portland’s roll; Spurs clinch play-in
- The Moon, Mars and Beyond: China’s Ambitious Plans in Space
- Dogecoin rallies on Elon Musk tweet, anticipated Coinbase listing
- Blistering report alleges Chinese solar panel supply chain tainted by forced labor
- Beneath Joe Biden’s Folksy Demeanor, a Short Fuse and an Obsession With Details
- Expert Picks: Who Will Win the Preakness?
- Biden’s COVID-19 ‘rule’ tweet panned on social media
- Positively LEX 18: Customers come for the cut, stay for the tunes at Paris barbershop
- Why is one of Cuba’s most rebellious artists still isolated in a government hospital?
Common Symptoms Of COVID-19
The CDC has a collection of nine Roche antibody assays designed to provide rapid results from COVID-19 rapid antigen test. If you are a potential carrier of the human papilloma virus (HPV) and are looking for HPV testing kits for the home, it is important…
Things You Never Knew About The Best Water Purifier
Things You Never Knew About The Best Water Purifier: We all know the importance of having a water purifier at home, but not many people know the things they need to know before buying one. Most of the time, we miss out on the most…
Med hub smart pill, a device for patients having medicines intake in the daily schedule.
Med hub smart pill: The drug prescribed by a doctor will be effective if it would be taken at the right time suggested by the doctor because it is necessary for our healing process. When a patient takes too many medicians in a day also…
10 Best Effective Plants to Fight Pollution – Diwali Edition
Effective Plants to Fight Pollution: Few more months and the most awaited festival of the year will be here. We Indians love our festivals, and the biggest festival of India, especially north India, is Diwali. It is a massive affair here. It generally falls in…