Recovery News Roundup
Thanks to widespread vaccinations and declining COVID-19 cases, recovery is being seen all around—from a growing economy and increased consumer spending to rebounding business travel demand, the remainder of 2021 is promising.
Here are some of the country’s latest COVID-19 recovery highlights:
- Pandemic-induced recession recovery is underway. Last quarter, the U.S. economy grew at a vigorous 6.4% annual rate, and expectations for the following quarter are even greater. Additionally, the number of people seeking unemployment aid has reached its lowest point since the pandemic struck. Economists say this is due to widespread vaccinations and declining viral cases, but also the reopening of more businesses and the huge infusion of federal aid. (AP News, 04.29.21)
- Consumer spending accelerates. Consumers, who account for roughly 68% of the economy, accelerated spending by 10.7% last quarter, compared to only a 2.3% increase in the previous period. The expenditures were largely focused on goods (+23.6%) but spending on services also grew (+4.6%). (CNBC, 04.29.21)
- Small business travel demand steadily improving. While nowhere near pre-pandemic levels, many airlines are beginning to see a rising demand in small business travel as vaccines continue to rollout and more markets continue to reopen. American Airlines revealed that an increasing number of their corporate accounts have indicated that they will resume business travel in Q3. (Business Travel News, 04.22.21)
While the road to recovery is likely to be a long one, the journey has clearly begun. Does this positive economic shift have you thinking about making a business change? Make sure your decisions are informed by research. Schedule a free consultation today or check out our research options here.
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