Wall Street Journal performed their monthly Survey of Economists and reported:
“The U.S. economy will be in recovery by the third quarter of this year, economists said in a survey that also concluded the labor market will fare better than previously expected following the effects of the coronavirus pandemic.”
The US Bureau of Labor Statistics last report showed that 2.5 million jobs were added which was quite a positive surprise for the labor market. Experts had predicted 8 million jobs will be lost so to see 2.5 million added was a shock.
91.2% of economists surveyed said that the economic recovery has already begun in this quarter or will begin in Quarter 3.
The same economists were asked about what shape they believe the economic recovery will have.
82.8% of economists surveyed by Wall Street Journal said the recover will have some sort of 'V' shape. Whether it is a true 'V' with a sharp drop and quick rebound or a 'Nike Swoosh' with a drop and gradual recovery.
Some economists believed there would be a 'W' shape with a double dip or a long bottom forming a 'U' shape.
A very small amount indicated an 'L' shape recovery which is ultimately no recovery at all.
Below are the results:
The economy is still not where it needs to be but we are heading in the right direction. If you are interested in buying or selling to take advantage of the increased activity in real estate, call South Florida Real Estate Experts at Prestige Waterfront Realty at 954-830-7000.