U.S. likely past 'peak' for economic growth, but economists don't expect sharp drop

(Image credit: Spencer Platt/Getty Images)

published 18 July 2021

The United States is "past the peak" for economic growth after widespread business reopenings and COVID-19 vaccinations led to a surge in consumer spending this spring, Ellen Zentner, the chief U.S. economist at Morgan Stanley, told The Wall Street Journal.

But that's probably not a big deal. Zentner said it's unlikely "something more sinister is going on here and that we're poised to then drop off sharply."

Michael Feroli, the chief U.S. economist at JPMorgan Chase & Co., agreed. "It's normal," he told the Journal. "You shouldn't expect 9 percent growth forever. We feel very confident that we're going to see strongly above-trend growth in the second half of the year." Read more at The Wall Street Journal.

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Tim is a staff writer at The Week and has contributed to Bedford and Bowery and The New York Transatlantic. He is a graduate of Occidental College and NYU's journalism school. Tim enjoys writing about baseball, Europe, and extinct megafauna. He lives in New York City.