Take a look at how the US is steadily recovering from the pandemic.
The U.S. economy has shown remarkable resilience in recent times, dispelling any concerns of a looming recession. Let’s take a closer look at some key economic indicators that reflect this resilience.
1. Gross domestic product. Gross Domestic Product, or GDP, is a critical measure of a nation’s economic health. Over the last several quarters, the U.S. has witnessed consistent growth in GDP, ranging between 2% to 3%. This positive trend has reversed a couple of negative quarters from the previous year. Even more impressively, in 2021, the U.S. recorded an unprecedented GDP growth of over 7%. This demonstrates the nation’s ability to bounce back from economic challenges.
2. Employment trends. Another promising aspect of the U.S. economy is the job market. In June, the country added over 200,000 jobs. While this number may seem lower compared to recent months, it aligns well with historical averages before the pandemic disrupted the markets. The unemployment rate in the U.S. for June stood at a mere 3.6%, a level considered indicative of a tight labor market, and it’s significantly below historical averages. In May, there were a staggering 9.8 million job openings, a testament to the growing opportunities in the labor market.
3. Stability in the housing market. One of the key indicators influenced by a strong job market is the housing sector. More jobs mean more people can afford homes, which drives demand and subsequently stabilizes housing prices. As the U.S. experiences increasing GDP and a tight labor market, it provides a solid foundation for the housing market’s stability.
If you have any questions or would like to delve deeper into these economic trends, please don’t hesitate to reach out by phone or email.