The current economic environment is fallout from the devastating impacts of COVID. Key economic indicators that reflect the health and vitality of the US economy are economic growth, employment, and aggregate prices. Real Gross Domestic Product, unemployment rate and the inflation rate as reported by the Bureau of Economic Analysis and the Bureau of Labor Statistics measure these indicators. The following are recent economic statistics for these key indicators.
• 5% economic growth for 2021
• Over six million jobs created in 2021 with an unemployment rate of 4.2%
• 6.8% inflation rate over the past 12 months
The historical average for economic growth measured by Real Gross Domestic Product is approximately 3% per year. Post Great Recession growth averaged…
