The United States' economy is rebounding more quickly compared to its global rivals, thanks to two additional rounds of COVID-19 relief money from Washington as well as easing anxiety over the pandemic, which has boosted domestic demand and allowed services businesses like restaurants and bars to reopen.
"It will be a solid GDP number," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania. "It's one small milestone in many that we have to hit before we can say we have fully recovered from the recession." They subsequently raised the estimate to a 7.7% pace after the goods trade deficit and inventory data.
There are concerns among some economists that the massive government funding could ignite inflation. Many economists, including Fed Chair Jerome Powell, expect higher inflation will be transitory, arguing that the labor market remains 8.4 million jobs below its peak in February 2020. Americans have accumulated at least $2 trillion in excess savings. Many economists expect the economy will fully recover from the recession in late 2023. They expect growth this year could top 7%, which would be the fastest since 1984. The economy contracted 3.5% in 2020, its worst performance in 74 years.
Source: Financial Digest (financialdigest.net)
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