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.
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.
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. 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.
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.
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