The unemployment rate was 6%, down from the 6.7% rate recorded in December 2020
With data from From January to March 2021 Be sure that The US economy is recovering at an accelerating rateOr with growth to Quarterly rate of 6.40% (Quarterly rate of 1.56%) It recorded its highest growth since the third quarter of 2020. At an annual rate, growth was 0.4% after recording three consecutive quarterly reversals in this measure.
This was a recovery pSupported by private consumption contributing 7.02 points to the growth of the Production Index in the US economy During the first trimester. Reflects the foregoing that economic growth has been driven Financial incentives, and easing confinement measures A great advance for Vaccination campaign.
In detail the indicator, the Private consumption was the most importantThis was followed by the growth in government spending, which contributed to the index by 1.12 points. On the other hand, iThe private investment subtracted 0.87 pointsAfter the change in inventory composition, subtract 2.64 points from your investment.
Thus, it is expected that The US economy shows a full recovery by the second quarter of 2021, Depending Data of the primary bank Shared with Notepress. This means a five-quarters period to restore pre-crisis GDP levels. This contradicts Fifteen Quarters of the Recovery in the United States Economy During the Mortgage Crisis from 2007 to 2011
However, this The rapid recovery is still 0.86% below GDP in the fourth quarter of 2019 When the ravages of the epidemic were not yet felt in the global economy. The recovery in employment levels still shows a slow recovery compared to the pace of the rest of the economy.
At the start of 2021, the daily wave of Covid-19 infections limited job creation during the start of the year, as they regained 233,000 jobs in the first month of 2021. This is a moderate start, Created 1.6 million jobs during the first quarter, So the recovery lies Far from levels close to full employment. This is because nonfarm payrolls are 8.4 million jobs below levels that existed before the pandemic.
After this context, it is expected that The Fed remains resilient for the remainder of 2021 To support job creation and the US economy as a whole. However, given the results of the accelerating recovery of the economy in other regions, the Fed is expected to lower its bond-buying program in 2022 once the economic recovery approaches completion.