The U.S. and global economies are showing signs of stronger growth as factories continued to boom and service businesses began to see the benefits of vaccination programs.

After a big contraction in 2020, the global economy is forecast to rebound strongly this year as vaccination programs allow more parts of the services economy to reopen fully. There were already signs of that rebound in the U.S. and China during the early months of the year, but surveys of purchasing managers released Friday indicate that Europe is also starting to participate in the recovery.

Threats to the recovery remain, not least the possibility that new variants of the Covid-19 virus will prove more resistant to vaccinations and more easily transmitted. Restrictions on activity remain in many parts of the world, and India Thursday reported the world’s biggest ever single-day jump in new infections.

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