US GDP growth has been 2% below the trend line since before the recession.

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Growth in US gross domestic product (GDP) has recovered from the worsening recession, but is about 2% below the trend line before the recession, according to the monthly magazine US Economic in a Snapshot. .. Issued by the Federal Reserve Bank of New York.

Part of the reason why GDP did not recover more completely is what is called “massive layoff”, that is, people who did not leave the workforce during the pandemic.

The combined labor force participation rate for those who are working and those who are looking for the unemployed has not fully recovered. The smaller the proportion of the workforce, the smaller the GDP is usually. When or if these potential workers return to the workforce will have a major impact on the future evolution of economic and public policy, the publication said.

According to the Federal Reserve Bank of New York’s monthly magazine, US GDP growth has recovered from the worsening recession, but is still about 2% below the trend line before the recession. Part of the reason GDP did not fully recover was that people who left the workforce did not return during the pandemic.

Inflation remains a concern. During the aftermath of the pandemic recession, many service industries were hampered by the need for more direct contact. Thus, consumer spending on both goods and services has recovered, but goods have recovered more.

In the field of international trade, imports have recovered, but exports have not.

Fiber2Fashion News Desk (DS)

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US GDP growth has been 2% below the trend line since before the recession.

Source link US GDP growth has been 2% below the trend line since before the recession.

The post US GDP growth has been 2% below the trend line since before the recession. appeared first on Eminetra.

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