Economists in January 2020 responded to a survey saying they expected the US gross domestic product (GDP) to grow between one and two percent this year
The respondents predicting even higher growth of up to three percent is on the rise. Of course, the report happened while there was a record low jobless rate, and consumer confidence was solid. Salaries and wages increased in the fourth quarter of the previous year. Hiring was staying at a steady rate in the fourth quarter. The finance and the real estate and insurance sectors saw an increase in hiring, while the communications and transportation industries decreased in hiring. The government is keeping a close eye on hiring and the unemployment rate with the recent coronavirus pandemic.
By the end of the year, the United States is expected to rebound from the devastation of the coronavirus. Some economists are predicting that growth will increase in the third quarter. President Donald Trump has encouraged governors to move swiftly and has welcomed protesters at state capitals calling for states to let up on restrictions and reopen. The federal government’s social-distancing guidelines expired at the end of April. These measures will be the kick-start to the economy in the United States.
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