The U.S. Economy Is Closer to Normal — but Still Has a Ways to Go
When the coronavirus pandemic first hit U.S. soil, millions of people lost their jobs within weeks. And in April of 2020, the U.S. jobless rate hit a record high.
Things have improved a lot since then. Not only have more jobs been added back to the economy, but the numerous stimulus rounds that hit Americans’ bank accounts fueled consumer spending, thereby pumping money into businesses that were desperate for it. Throw in the fact that pandemic-related restrictions have largely been lifted, and there’s reason to be optimistic that the economy will soon return to its pre-pandemic state.
In fact, the Back-to-Normal Index, a measure created by CNN Business and Moody’s Analytics, now stands at 93% as of June 18. That’s a pandemic-era high.
The index consists of 37 national and seven state-level indicators that track metrics such as unemployment claims, job listings, domestic air travel, hotel occupancy rates, and consumer credit. That 93%…