Opinion: Here’s what the Delta variant means for the economic recovery
3 years, 4 months ago

Opinion: Here’s what the Delta variant means for the economic recovery

CNN  

Editor’s Note: Mark Zandi is chief economist of Moody’s Analytics. The US economy’s immediate prospects appear inextricably tied to how the wave of infections and hospitalizations set off by the Delta variant of Covid-19 plays out. Retail sales for July declined, while the University of Michigan’s survey of consumer sentiment pulled back sharply in early August and is now lower than it was during the worst of the pandemic last spring. This hasn’t impacted businesses’ hiring and investment decisions yet, according to our survey, but it bears close watching, as the job market and broader economic recovery would be in jeopardy if businesses pull back on hiring and investments. But this optimism, of course, assumes that the Delta variant doesn’t continue to intensify, overwhelming hospital systems in more places and forcing households to shelter in place again, schools to go back online, restaurants and other venues to scale back operations, or office workers to remain at home.

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