US Economy 2021: Can Americans Expect A Stronger Recovery?

The U.S. economy can expect a further rebound in 2021, according to one economic indicator.

The Conference Board, a New York-based think tank, found on Thursday that its Leading Economic Index (LEI) for the U.S. increased by 0.7% in June to 115.1, adding to the economic condition that peaked in May.

Ataman Ozyildirim, Senior Director of Economic Research at The Conference Board in Washington, said that while growth slowed somewhat in June, the LEI’s overall upward trend accelerated during the second quarter. 

“June’s gain in the U.S. LEI was broad-based and, despite negative contributions from housing permits and average workweek, suggests that strong economic growth will continue in the near term,” Ozyildirim said.

Many economists think the U.S. will see an uptick in growth.

“We still see positive growth but at a slower pace,” Lindsey Piegza, chief economist at Stifel, told U.S. News and World Report in late June. “There’s a recalibration of pent-up demand flooding into the marketplace.”

The labor market hasn’t fully recovered as many Americans continue to search for jobs without success. Last week’s jobless claims were up from the previous week, with total initial unemployment filings totaling 419,000 for the week ending July 17. 

According to a Bureau of Labor Statistics report on July 2, there are 9.5 million unemployed Americans.