Experts and economists initially forecast the US economy to recover by the end of the year. The growth posted in the second quarter was also encouraging.
However, the slowdown in the third quarter raises questions about the forecasted recovery.
Prof. Steve Hanke, economist at Johns Hopkins University, questioned the predicted V-shaped recovery, and shared an article on how the number of unemployment claims increased to the highest levels last week since August.
The four-week average of the claims increased to more than 860,000, indicating that a greater number of people are losing their jobs.
Further, several companies have announced layoffs pointing towards a slower than expected economic recovery.
According to a survey conducted by the Wall Street Journal, more than half of experts and economists surveyed noted that they did not expect the labour market to return to pre-pandemic levels until 2023.
The results of the survey indicate a slower recovery than that predicted six months ago.
Meanwhile, economist Celestine Chukumba noted that the US was already an unhealthy nation before the arrival of the Covid-19 disease due to its obesity rates, and that this was a factor in the US having the highest number of Covid-19 cases in the world.
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