Economic victory from the Covid crash? It’s too premature to declare
That nightmare scenario was avoided, in large part because of an unprecedented response from the federal government that included stimulus checks, small business loans and emergency credit programs. Later, the historically fast rollout of safe and effective vaccines paved the way for a rapid recovery.
Yet by many measures, the recovery from Covid is incomplete — especially for Main Street.
- The US economy remains 5.3 million jobs shy of where it was in February 2020. Mark Zandi of Moody’s Analytics doesn’t expect a full jobs recovery until early 2023.
- The unemployment rate has plunged from nearly 15% in April 2020 to just 5.2% last month. That compares with 3.5% rate in February 2020.
- The number of Americans in poverty rose…