America’s economy seems to be coming back from the pandemic, having recorded its fastest first-quarter GDP growth in nearly four decades.
Consumer spending is up (thanks to tax credits and stimulus checks). Hiring is also increasing, even in New York where just a few short months ago it seemed like the pandemic would never end. Moody’s Analytics chief economist Mark Zandi said:
“I’ve never seen an economy that feels as good as this one today. The economy is booming. It’s busting out all over.”
Further, Oxford Economics predicts a growth of American GDP to average out this year at 7.5%, higher than what we’ve seen for nearly 70 years.
However, there is still great cause for concern given unemployment numbers (which indeed is substantially less than a year ago) given that there are an additional 4 million unemployed Americans than there were in February 2020. To counter this, continued China trade will be required in particular in movies (which accounted for 30 percent of China’s box office sales in 2019) and education (exports support more than 3 million people who work in the industry in America).