Road For NC's Post-COVID Economic Recovery Bright But Bumpy
Tuesday, June 8, 2021
For a year, the economy has been in the doldrums. The shutdown that resulted from the coronavirus pandemic threw millions of people out of work and shuttered countless businesses. But now, with more people vaccinated against COVID-19, the economy is rebounding around the country and here in North Carolina.
Some sectors, like hospitality, continue to lag. And many employers trying to ramp up are facing a labor shortage. That, too, is an obstacle to full recovery. Plus, inflation is speeding up as prices rise at the fastest rate since 2008.
The economy may be on the rise, but the road to full recovery promises to be a bumpy one.
Mark Vitner, senior economist with Wells Fargo
Sarah House, director and senior economist with Wells Fargo Securities