3 signs the US economy roared in October and started to leave the Delta wave behind
Patrons leave as others wait for a table at Tiki Bar on Manhattan's Upper West Side, Monday, May 17, 2021, in New York.Several signs suggest the US recovery is accelerating again as the Delta wave fades, UBS economists said.The recovery through October is"far outpacing" the progress seen in September, UBS said.
The degree of the rebound is also extraordinary. Such month-over-month improvements have only happened about 20% of the time historically, the team led by Ajit Agrawal said. The stronger spending isn't just on goods. Service spending, which is more affected by the virus, likely grew in September and probably grew even faster through October, the team said. Spending rebounded most at arts and entertainment, healthcare, and air travel businesses. While spending at restaurants and hotels was mixed, the bank still expects sales to shift further toward services as virus cases decline further.Stronger spending is a good sign for the recovery.
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