PITTSBURGH — Despite the rapid spread of the Delta variant of Covid-19, the economic outlook for a strong recovery hasn’t changed, according to a newly released July report by PNC Financial Services Group Inc.
The U.S. economy will continue to expand strongly through the rest of 2021 and throughout 2022, driven by strong growth in consumer spending, housing, business investment and exports, PNC (NYSE:PNC) economists predicted in the bank’s national economic outlook.
The economic fallout from the Delta variant is “likely to be limited,” even with rising hospitalizations and deaths in some parts of the country, as the types of widespread restrictions on businesses that were imposed in early and late 2020 and in early 2021 are unlikely to be brought back. The outlook also noted renewed pushes by states with low vaccination rates to encourage shots and the likelihood of the Centers for Disease Control and Prevention to soon approve authorization of the vaccine for younger children.
Pittsburgh Business Times