“I’ve never seen an economy that feels as good as this one today,” Mark Zandi, chief economist at Moody’s Analytics, told CNN Business. “The economy is booming. It’s busting out all over.”
The American comeback story may just be getting started. Oxford Economics is predicting US GDP will grow at an average pace of 7.5% in 2021 — a sizzling pace unseen since 1951.
The sharp recovery is being driven by the powerful one-two punch of unprecedented stimulus from Washington and the rollout of vaccines, which is a form of stimulus itself.
‘The K is turning into a V’
And yet the rebound is incomplete and uneven, leaving millions of Americans on the outside looking in.
There are nearly 8 million fewer jobs today than before pandemic erupted. More than 2.5 million women dropped out of the workforce. Low-income workers and people who relied on travel, entertainment and restaurants for their livelihoods are struggling.