From the Introduction: "The economic crisis caused by the COVID-19 [coronavirus disease 2019] pandemic idled about one-sixth of the U.S. economy and displaced one in four American workers. Although the 2.5 million rise in total nonfarm employment from April to May was welcome news, the economy still had 20 million fewer jobs in May relative to February 2020. As business activity resumes, we expect to see continued rapid improvements in employment and output growth over the next few months. However, given the magnitude of economic losses that have taken place, it is unlikely the economy will reach pre-pandemic levels anytime soon as substantial portions of the economy will likely experience significant reallocation with some businesses going bankrupt and others using this as an opportunity to downsize employment."
Aspen Institute. Posted here with permission. Documents are for personal use only and not for commercial profit.
Economic Strategy Group: https://economicstrategygroup.org/