Even though the country is ‘on the brink’ of a full economic recovery, there will still be scarring, one expert says

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As the 10-year Treasury yield retreated this morning, futures tied to the Nasdaq Composite increased. All three major indexes logged losses last week.

Meanwhile, in a U.S. trial, the AstraZeneca vaccine was determined to be 79% effective in preventing illness, while it was 100% effective in preventing hospitalization and severe illness.

This news comes as 21 states are seeing a rise in the number of virus cases, as governors begin to relax restrictions. Although about 2.5 million Americans are receiving the vaccine each day, there is still an average of 54,000 new cases a day, data shows.

And in a $25 billion deal, Canadian Pacific Railway purchased Kansas City Southern, which will establish the first rail network that runs between the U.S., Mexico, and Canada.

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Even though the country is 'on the brink' of a full economic recovery, there will still be scarring, one expert says

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The economic crisis catalyzed by the pandemic will leave scars that linger for a long time, even as the country nears a full recovery, one expert says. This means that potential for growth will be suppressed for long time to come.

“I’m hopeful we’re on the brink of completing this recovery,” said Thomas Barkin, who is the president of Richmond Federal Reserve Bank. “Vaccines are falling out, case rates and hospitalizations are falling, excess savings and fiscal stimulus should help fund pent-up demand from consumers who’re exhausted by isolation and freed up by vaccines and warmer weather.”

Indeed, the economy is expected to log 6.5% growth this next year, compared to a 3.5% loss last year.

But all of that positive momentum doesn’t make the scarring any less obvious. For instance, there has been a 6% decrease in the the number of parents who are participating in the labor force after the pandemic shuttered schools.

“If parents who left the workforce don’t return, that will have long-term negative implications for U.S. growth potential,” said Barkin.

What other scarring might we see? 

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Fedrick Frost

Fedrick Frost

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