The U.S. economy’s recovery might have already hit its peak for the time being.
A new Wall Street Journal (WSJ) report finds that the widespread reopening of businesses, more vaccinations becoming available over time and more government-fueled pandemic aid had helped things reach a high point in the spring.
But from here on out, economists have predicted things might slow down.
According to them, the economy is likely to keep growing at a solid and steady pace for the next year with more job gains and people using the savings they’d gotten over the lockdown period.
After that, they think things will likely cool down into something resembling the pre-pandemic era.
“We’ve moved into the more moderate phase of expansion,” said Ellen Zentner, chief U.S. economist at Morgan Stanley. “We’re past the peak for growth, but that doesn’t mean something more sinister is going on here and that we’re poised to then drop off…