how has the US recovered from covid?
The U.S. has experienced a strong economic recovery from the COVID-19 pandemic, marked by several key developments:
– **Economic Growth**: The U.S. economy is now over 5% larger than its 2019 level, outperforming other G7 economies[1][5].
– **Labor Market**: Over 14 million jobs have been added since January 2021, with unemployment rates reaching historic lows[4]. The recovery has been equitable across states and demographic groups[4][6].
– **Inflation and Wages**: Inflation initially rose but has since stabilized, with wage growth now outpacing inflation, improving spending power[3].
– **State and Local Governments**: These entities have recovered rapidly, contributing positively to economic growth with support from the American Rescue Plan[6].
Citations:
[1] The U.S. Economic Recovery in International Context https://home.treasury.gov/news/featured-stories/the-us-economic-recovery-in-international-context-2023
[2] COVID-19 Economic Recovery Hub | How is the Economy Doing? https://usafacts.org/covid-recovery-hub/
[3] 11 charts that show how covid changed the U.S. economy https://www.washingtonpost.com/business/2024/03/16/economy-recovery-covid-unemployment-wages-debt-groceries/
[4] The Labor Market Recovery Has Been Strong Across the Country https://www.whitehouse.gov/cea/written-materials/2024/01/23/the-labor-market-recovery-has-been-strong-across-the-country/
[5] The Fed – Why is the U.S. GDP recovering faster than other … https://www.federalreserve.gov/econres/notes/feds-notes/why-is-the-u-s-gdp-recovering-faster-than-other-advanced-economies-20240517.html
[6] State and Local Governments in the Post-COVID Recovery https://home.treasury.gov/news/featured-stories/state-and-local-governments-in-the-post-covid-recovery
[7] How is the US economy doing after COVID-19? https://www.weforum.org/agenda/2023/02/us-economy-covid19-inflation/
[8] COVID-19 Response and Recovery – State Department https://www.state.gov/covid-19-recovery/
