(RepublicanReport.com) – The economic fallout from the COVID-19 pandemic has been enormous; we likely won’t know its full extent for years. According to PR Newswire, some bank leaders believe it will be 2023 before our economy recovers to its pre-pandemic position.
There is cause for optimism, however. With many states on the path toward full reopening, recovery in many areas has begun.
U.S. businesses added 517,000 workers in March as states like Texas and Florida lifted pandemic restrictions, data from payroll provider ADP indicated Wednesday. https://t.co/biROXsk2wl
— Breitbart News (@BreitbartNews) March 31, 2021
Unfortunately, due to the drastically different approaches to reopening from one state to the next, this recovery rate could vary considerably across the country. States that maintain lockdown measures will likely struggle economically for longer than those that reopen sooner.
Recovery will also occur at different rates between industries. Businesses that require large numbers of people to gather in enclosed spaces (like indoor theaters and other venues) may be unable to resume normal operations until nearly everyone is vaccinated.
Another concern is consumer caution. Even when restrictions are fully gone, it could take a while before people, some of whom will be older or in poor health, who have become used to social distancing are comfortable being in large crowds again.
At this point, this discussion is largely speculative. In the coming weeks and months, however, we could see economic gaps between areas and industries begin to widen quickly.
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