Poll: Most Americans back Biden’s virus response
The poll shows that 70% of Americans back his handling of the virus response, including 44% of Republicans. Fewer approve of his handling of the economy, at 55%. (March 5)
AP
A year after the COVID-19 pandemic triggered the deepest and fastest recession in U.S. history, the nation has climbed more than halfway back.
Along the way, the crisis spawned record job losses as well as fresh market highs and a surge in online shopping.
Nearly 13 million, or 58%, of the 22.4 million jobs wiped out in the pandemic have returned. And the economy has clawed back about 75% of its COVID-induced output losses.
“Given the depths of the contraction, the rebound has been faster than I expected but we still have a long way to go,” says Gus Faucher, chief economist of PNC Financial Services Group.
Much of that ground could be made up this year as widespread vaccinations and $2.8 trillion in government relief since December – and $6 trillion cumulatively during the crisis — set the stage for the strongest expansion since 1984. Oxford Economics expect 7% growth, along with 7 million new jobs, this year, as the economy reclaims its pre-pandemic gross domestic product by midyear and pre-crisis employment by 2022.
‘Remarkable outcome’:Big gains are likely for economy this year even as COVID-19 lingers
2 COVID Americas: One hopes for an extension of federal unemployment and stimulus. The other is saving and spending.
There will be lasting…
