Housing inventory decreased over September, and was down 12 percent year over year. Much of that rise was helped along by houses priced above the median. The National Association of Realtors recently reported that the national median sales price for an existing home hit $353,900 in October, up 13.1 percent from October of 2020. The housing market has also surged, thanks to low interest rates and people stuck at home realizing the limitations of their living space. That extra savings, combined with pent-up demand, likely helped drive the broader economy during the rebound. On Face the Nation back in June, Bank of America CEO Brian Moynihan estimated that its customers had not spent 65-70 percent of their last two stimulus checks at that point. In September, it finally dropped to 7.5 percent, below the 8.3 percent from February of 2020, the month before the pandemic started. The personal saving rate ballooned to 33.7 percent in April of 2020 and remained well above pre-pandemic levels until September of 2021.
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And with fewer places to spend money during much of the pandemic, plus three stimulus checks, many Americans saved more than they might have otherwise. Many jobs performed at a desk in an office are just as easily performed at a desk in someone’s home. By that general measure, the economy has fully recovered.īroad segments of the workforce have endured little economic hardship during the pandemic. The country’s gross domestic product (GDP), an estimate of economic activity across the U.S., has surpassed pre-pandemic levels. The Conference Board forecasts continued though slower growth through the rest of the year. (Supply chain issues may have prevented faster growth.) That’s a major slowdown from the torrid pace in the second quarter, which saw 6.7 percent growth. economy grew at an annualized rate of 2.0 percent, according to the most recent estimate from the Bureau of Economic Analysis. They seem to have worked, but have also helped many who didn’t actually need the money. The ARP checks closely followed the $600 payments from January, which came nine months after the $1,200 payments from the pandemic’s early days. That accounted for nearly all of the $422 billion set aside. Over the following months, about 169 million people received up to $1,400 each. The third round of relief payments started back in March, courtesy of the American Rescue Plan (ARP). Relief payments were intended to ease COVID’s economic impact and support the economy in the process. Economic Recovery For Some READ MORE: COVID-19 In Maryland: More Than 12K New Cases Reported Saturday As Hospitalizations & Positivity Rate Increase But many clues point to where things are heading. But will the Internal Revenue Service (IRS) be sending out another stimulus check in 2021? A few places, including California, have recognized the need for more help and provided additional payments. The federal unemployment bonus ended over two months ago, but millions of people remain short of food and behind on bills. But many others still struggle to find suitable work. Many people are even choosing not to return to the workforce for the time being. Still, shortages and inflation persist, and some people haven’t caught up to where they were early last year, even as unemployment nears pre-pandemic levels, with jobs widely available in certain sectors. The economy as a whole has surpassed where it was before the pandemic. President Biden has more strongly pushed to encourage vaccines. The Delta variant is still causing positive cases, albeit at a reduced rate, and the Omicron variant is now starting to show up across the country. ( CBS Baltimore ) - The pandemic continues, long after COVID first shut down the economy in early 2020.