US Economy Health: The Trends You Should Be Aware Of

1. US Economy Health: The Trends You Should Be Aware Of The US Economy Health was supposed to improve in the latter half of 2020. However, the rapid spreading of the coronavirus did cause a massive downfall in the economy. The country imposed a lockdown, and although the situation is far better now, one question everyone is making is the economy is improving or declining. The US economy status has always been on the top as the country falls in the strongest contenders list. The US economy forecast did bring in a lot of hope, but whether it worked out is still a question. Owing to coronavirus, it seems as if the US is in recession in 2020. Furthermore, it is being anticipated that if the current economic situation in the US does not improve, there might be massive haywire. Experts predicted that the US economy would improve in the second half of 2020. However, the financial outlook is supposed to see a massive change. Experts further indicated that there might be a U-shaped recession in 2020 with the US economic health going a sharp decline and then recovering.

2. What is the Current Economic Situation in the US? Although the US’s economic trendsshowed that the second half would be better, the second quarter of the economic condition was far worse than the first. The growth of the US economy health went down by 5.0%, acting as the first sign of the US recession 2020. The beginning of the recession brought about the contraction of the US economy by 31.4%. The third quarter did see major improvements, but they weren’t enough to cover up for the losses made in the first and second quarters. According to the CBO predictions, the US economic status might not return back to its pre- pandemic scale until 2022. All non-essential businesses were closed in April, and hence the retail sales saw a massive decline of 14.7%. Millions of people became unemployed, which also had a huge negative impact on the economy. Jobs The Bureau of Labor Statistics (BLS) is responsible for publishing the US’s financial outlookevery year. The statistic report provides a complete insight into the job opportunities across different industries and occupations. According to the expectations, between the years 2019 and 2029, the employment rate will increase by more than 6 million. Health care jobs are expected to rise by 3.1 million. However, jobs in the technology sector will also increase in the coming time. The BLS prediction suggests that the jobs regarding wind turbine technicians will increase in the span of ten years by 60.7%. The manufacturing jobs will keep on the increase. However, for those in the retail sales sectors, the jobs will decrease, while the ones in the e- commerce jobs will continue to grow. This shift is expected to be seen in the transportation and warehousing sector as well. But, jobs in the postal and agriculture sector will decrease too. Economic Trends in the US The financial outlook of the US has seen a massive shift in the past few months. However, the recovery is expected to take longer than it was. If you are living in the US and want to secure your financial future, here’s everything you need to know. Climate Change is Causing Disasters One of the recession facts that have affected the US economy health is climate change. The food prices are increasing with the increasing temperature in the country.

3. The rising sea levels are also posing the threat of flood in low lying areas. The increased risk of the flood can have a huge impact on the economy. Moreover, the wildfires have increased at a massive rate in the past few years. The damage caused due to the changing climate is evident in Colorado, California, New Mexico, and Arizona. US Economic Health is Declining in Global Power Prior to the recession, the United States was the only superpower of power. However, after the recession, several other countries gave America tough competition in the run for global power. Countries like Brazil, China, Russia, and India have had a huge impact. All these emerging countries successfully survived the great recession of 2009, while Europe and the United States’ economic outlook kept declining. Attacks on jobs outsourcing, free trade, and currency manipulation have had a huge impact as well. The leaders in the urge to stay in power have been fighting to keep up with the people’s necessities. You can read the full content: https://www.businessupside.com/2020/12/24/us-economy-health-the-trends-you-should-be-aware-of/ •••••••••••••••••••••••••• Business Upside Email ID: support@businessupside.com Phone No.: +1-425-605-0775 Visit Us: https://www.businessupside.com/ Stay Connected Via: https://www.facebook.com/businessupside https://www.youtube.com/channel/UCuSkeS5oU-B2tRIBDYntmaw https://twitter.com/BusinessUpside1