Despite improvement, the U.S. unemployment rate remains historically high and financial woes are just now beginning to bite
Employees at Spectrum Solutions prepare COVID-19 saliva test kits for shipment on September 21, 2020 in Draper, Utah. American households are used to television dramas where difficult problems are resolved in one hour, or perhaps eight one-hour episodes on Netflix.
So it is with the economy, and there is a growing perception the U.S. economy has been suffering for long enough that the worst must be behind us.
Gregory Daco, chief U.S. economist at Oxford Economics, said he routinely comes across people now who think the economy is out of the woods, given that the unemployment rate has dropped to 8.4% a peak of 15%.
They don’t seem to realize that the unemployment rate is still higher than the peak unemployment rate of prior recessions, Daco said, in an interview.The fact is that even after what has been a fairly strong first phase of recovery, the economy has only recovered to reach levels close to the worst part of the 2008-2009 financial crisis, he added.The economy now is closer to the gnarly 2009 period than the slow but steady recovery […]
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