And with fewer places to spend money during much of the pandemic, plus three stimulus checks, many Americans saved more than they might have otherwise. Many jobs performed at a desk in an office are just as easily performed at a desk in someone’s home. By that general measure, the economy has already recovered.īroad segments of the workforce have endured little economic hardship during the pandemic. The country’s gross domestic product (GDP), an estimate of economic activity across the U.S., has surpassed pre-pandemic levels. The Conference Board forecasts continued though slower growth through the rest of the year. ( Supply shortages may have prevented even faster growth.) That continues the torrid pace from the first quarter, which saw 6.4 percent growth. economy grew at an annualized rate of 6.5 percent, according to the advance estimate from the Bureau of Economic Analysis. They seem to have worked, but have also helped many who didn’t actually need the money. The ARP checks closely followed the $600 payments from January, which came nine months after the $1,200 payments from the pandemic’s early days. That accounts for nearly all of the $422 billion set aside. Over the following months, about 169 million people received up to $1,400 each. The third round of relief payments started back in March, courtesy of the American Rescue Plan (ARP). Relief payments were intended to ease COVID’s economic impact and support the economy in the process. Economic Recovery For Some READ MORE: Fourth Stimulus Check: Is Another Relief Payment Coming? But plenty of clues point where things are heading. That question has no a definitive answer yet. But will the Internal Revenue Service (IRS) come through with another stimulus check in 2021? A few places, including California, have recognized that need for additional help and stepped up with additional payments. A fourth stimulus check could help those still struggling to make ends meet.
Millions of people remain short of food and behind on bills. The federal unemployment bonus ended on Labor Day. Unemployment still exceeds pre-pandemic levels, even with jobs widely available in certain sectors. Some segments of the population have yet to experience any real improvement. President Biden is instituting stronger efforts to encourage vaccines, as the rise in cases slows the economy’s improvement. The Delta is variant pushing up case numbers among the unvaccinated. ( CBS Detroit ) - A year and a half after COVID first shut down the economy, the pandemic continues.