Forecasts Show Improved Economic Conditions Are on the Way

Hiring in the second quarter of 2021 narrowly beat economists' expectations. In normal times, this would cause few changes to economic projections. But these aren’t normal times. Widespread vaccine deployment in the late spring led to improved health conditions, buoying expectations for recovery over the rest of the year. Falling coronavirus cases and death rates allow more COVID-related restrictions to be lifted, the thinking goes, leading to robust consumer spending and a bigger boost to economic growth over what had been projected earlier in the year.