U.S. Economic Update Portal
Just as fast as the U.S. economy entered recession when the Coronavirus hit us in March, it may have already reached a bottom, but no one is fully certain. Our economic recovery will be slow, as the lingering effects of COVID-19 severely limit growth. I expect a modest rebound by early 2021, but we will still be in a quasi-recession compared to January 2020.
As of the time of this writing, our current unemployment rate fell from about 15% this March, to about 11% this week. I personally expect a slower drift down for the unemployment rate later this year, to maybe 9.5% in the fourth quarter. The unemployment rate however won’t reach Pre-Pandemic levels (3.6%) until about the end of 2023…