What will US economic recovery look like?

So what will recovery look like?The International Monetary Fund estimates the GDP of the United States will expand by 5.1 percent this year, after contracting by 3.5 percent in 2020 as the pandemic forced lockdowns that shuttered businesses nationwide.The nearly $3 trillion in government stimulus programs last year, including a $900 billion measure approved in late December, were key to helping the US economy bounce back.

The quick recovery has raised concerns that price increases could spiral higher, but Powell tamped down those fears, saying inflationary spikes in coming months are unlikely to last. And millions more have seen their hours cut or have left the labor force entirely, including large numbers of women who are taking care of children.

But when including individuals who have been discouraged from looking for work, or who are working part-time but want a full-time position, the broader U-6 rate was 11.1 percent. Fueled by rock-bottom mortgage rates -- and with remote work perhaps starting a trend of people moving out of congested areas -- sales of new and existing homes have jumped about 20 percent above the pre-pandemic level.Manufacturing, too, has recovered steadily since last summer, although output remains below where it was in early 2020.

But economists have warned about the potential for more permanent scars on the economy in the wake of the pandemic.

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