US economic expansion prediction for 2021 rises to 6.7 percent
(MENAFN)S&P Global has increased US economic expansion prediction for current year to 6.7 percent from its last prediction of 6.5 percent.
On Thursday, the financial analytics company increased its gross domestic product (GDP) prospect for next year from 3.1 percent prediction to 3.7 percent.
In a statement, it was declared, "A better vaccination outlook, a faster reopening schedule, and USD2.8 trillion from two stimulus packages have turbo-charged the US economic recovery this year and the next."
Also, the statement declared "The unemployment rate will likely reach its pre-crisis range of under 4 percent by first-quarter 2023."
On the other hand, the firm notified that US labor market still has a long way to return the 22.4 million jobs that was lost in the first months of global pandemic, stating that it is not going to happen before October-December in the next year.
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.