Economics
U.S. Recovery’s Surprise Strength Linked to Aid, Quick Reopening
- Incomes have been solid even without government assistance
- Jobs still soft spot despite likely record growth last quarter
Total receipts at retailers are well above their pre-pandemic levels.
Photographer: Nina Westervelt/BloombergThis article is for subscribers only.
The U.S. economic recovery’s strength has consistently surprised over the past several months, thanks in part to steadfast consumer finances that were underpinned by robust government aid and ultra-low interest rates.
Three months ago, economists were penciling in third-quarter growth at an annualized 18%. The latest Bloomberg survey of economists now shows a median projection almost double that -- a record 31.8% pace -- for the report due Thursday.