Article_Normal, Internet Search Engines, Online Service Providers, Technology, N/A, Labor/Personnel, Corporate/Industrial News, Workers Pay, Economic Performance/Indicators, Economic Growth/Recession

Article_Normal, Internet Search Engines

The U.S. economy is bigger than ever, but it’s still got a few big problems, too

The U.S. economy is bigger than ever, but it’s still got a few big problems, too

7/31/2021 8:41:00 PM

The U.S. economy is bigger than ever, but it’s still got a few big problems, too

Hurray. The U.S. economy has revived so quickly that it's now larger than it was before the pandemic. But it's still no time to celebrate.

After a sizzling 6.5% rate of annualized growth in the spring, the size of the economy surpassed its pre-coronavirus peak. And it happened a lot faster than virtually anyone would have predicted one year ago.“Last year at this time, the U.S. economy was facing a near Great Depression scenario,” said chief economist Scott Anderson of Bank of the West. “Much of the leisure and hospitality and service economy was flat on its back and the U.S. unemployment rate hovered at 10.2%. What a difference a year makes.”

Netflix’s ‘The Last Kingdom’ Feature In The Works, ‘Seven Kings Must Die’ Filming To Begin Next Year Olivia Rodrigo Trespasses on School Property In 'Traitor' Video: Watch The Year of Olivia? Inside the Grammys' Best New Artist Race

Yet the economy is still not nearly as big as it would have been had the pandemic never happened at all. Economists estimate it’s about 2.7% smaller than it would have been without COVID.Now 2.7% might not sound like much, but in a $22 trillion economy that’s a lot of missing jobs, worker pay and business profits.

Missing jobs is still a big problem for the economy.Although most of the 22 million people who were laid off early in the pandemic have gone back to their jobs, the labor force is still missing 6.7 million workers.The shortage of labor has become one of the biggest headwinds on the economic recovery.

Many businesses can’t find enough workers to serve diners, clean hotel rooms, build homes or manufacture industrial goods. Even higher pay or hiring bonuses haven’t been enough to draw more people back into the labor force.People are returning to the labor force, to be sure, but not as quickly as businesses would like.

Economists estimate the U.S. added about 900,000 new jobs in July, nudging the official unemployment down a few ticks to 5.7% when the data is reported next Friday. That would still leave the economy almost 6 million jobs short.See: MarketWatch Economic Calendar

Surveys of unemployment workers indicate that up to a few million earn enough from extra jobless benefits put in place during the pandemic to stay at home. Half of the U.S. states recently ended extra federal benefit payments to try to prod people to go back to work.

Million of others say they are staying home because they have to care for young children or aging relatives. Others are still worried about catching the coronavirus.The conventional wisdom has been that these people would return to work in the fall as schools and nursing homes fully reopen and extra jobless benefits run out.

Has the FATF become a weapon of coercion for the west? How Puerto Rico became the most vaccinated place in America Colombia's most-wanted drug lord 'Otoniel' captured

Yet that view is being challenged by the latest spike in coronavirus cases due to the more contagious delta strain.The Biden administration is urging people to wear masks again in many parts of the country where the virus is spreading and prominent businesses such as Google GOOG, -0.97% have already delayed plans to bring workers back to the office.

Read: Jobless claims retreat from two-month high in sign delta hasn’t hurt muchHowever, the delta variant alone should not be enough to stunt the recovery.Federal Reserve Chairman Jerome Powell pointed out last week that each new wave of coronavirus cases has done diminishing harm to the U.S. economy. Businesses and consumers have largely learned to adjust, he noted.

Perhaps the biggest danger is that the delta variant will hurt other countries even worse and keep the global economy on the ropes. Trade between countries has been severely disrupted and one of the offshoots has been surging inflation.Read: Inflation surges again in June as shortages plague U.S. economy

Take manufacturing. U.S. businesses cannot get enough supplies, many of which are produced overseas, to provide all the goods that Americans are clamoring for. Auto production in particular has been stunted by a lack of computer chips.These problems are also likely to persist into the fall — and push off the day when the U.S. economy makes a full recovery.

Read more: MarketWatch »

Multiple mistakes necessary for gun accident on modern film set: expert

Steve Wolf, weapons safety expert for films, explains for Rachel Maddow some of the gun prop terminology and tools used on film sets and why on-set safety protocols would require multiple mistakes for someone to be injured in an accidental shooting like what reportedly happened during the filming of 'Rust' with Alec Baldwin.

Or debt is bigger than ever. There is no economy. Fake markets hyper bubbles everywhere. this is terrible news

Lily Allen shares message to celebrate 2 years of sobriety'Smile' singer Lily Allen marked a major milestone in her sobriety journey: she is officially two years sober. Good for you. Hang in there 🙏🙏🙏 Congratulations!

Rick Astley's 'Never Gonna Give You Up' Video Hits 1 Billion YouTube Views.rickastley's 'Never Gonna Give You Up' has hit 1 billion YouTube views: rickastley Intentional views: 11.

Wall St rises as earnings lift outlookU.S. stocks ended higher on Thursday, boosted by robust U.S. earnings and forecasts, while data showed the U.S. economy was above its pre-pandemic level.

Wall St gains with upbeat earnings and forecastsU.S. stocks ended higher, boosted by a strong earnings season and data that showed the U.S. economy grew solidly in the second quarter, putting the level of GDP above the pre-health crisis peak OnePlus Nord CE update brings camera improvements and less overheating Samsung Galaxy Z Flip3 passes through 3C again, will support 25W charging after all Nearly half a million ethnic Amharas have been displaced from Korem, Alamata, Waja, Abergele, Maytebri, AdiArqai, Kobo, & surrounding areas due to TPLF's aggression. many have been killed, their properties looted! AmharaUnderAttack Time2ProtectCivillians NoBackChannel4TPLF

Billie Eilish’s 'Happier Than Ever' Is Here: Stream It NowIt’s Friday, the weekend is closing in. And for Billie Eilish fans, it’s happier than ever time! We don't want it We won’t be listening. Lal billie resignassamCM

Fiscal stimulus, vaccinations lift U.S. economy above pre-pandemic levelThe U.S. economy grew solidly in the second quarter, pulling the level of gross domestic product above its pre-pandemic peak, as massive government aid and vaccinations against COVID-19 fueled spending on goods and services. I AM DESPERATELY BEGGING FOR HELP AT THIS POINT!!!! I am a single father of a disabled toddler, We are about to lose what little we do have we need to get caught up on expenses and replace our car ASAP God Bless you all!!! I bet it did, that is what happens when the Fed pumps trillions into an economy on the brink of collapse, while inflation is clearly happening. Cue actual collapse and subsequent blame on the Delta variant.