Cover IMF Staff Country Reports
United States: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the United States
Author:
International Monetary Fund. Western Hemisphere Dept.
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2022: Issue 220
Language:
English
Publication Date:
12 Jul 2022
DOI:
https://doi.org/10.5089/9798400213502.002
ISBN:
9798400213502
ISSN:
1934-7685
Pages:
77
Keywords:
headline PCE inflation; data revision; IMF staff estimate; core PCE inflation; consumption expenditure; liability positions vis-à-vis nonresident; Inflation; Wages; Financial statements; Labor force participation; Labor markets; Global
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The U.S. economy has staged a strong recovery from the COVID-19 shock. The positive effects of unprecedented policy stimulus, combined with the advantages of a highly flexible economy, have been clear. Just over two years after the COVID-19 shock, the unemployment rate and other measures of labor force underutilization have returned to end-2019 levels and output is close to its pre-pandemic trend. Rapid wage increases for lower income workers have reduced income polarization and poverty fell in 2020. On net, 8.5 million jobs have been created since the end of 2020. In addition, the swift policy response was able to maintain the smooth functioning of U.S. financial markets and prevent the surge of bankruptcies that many had feared.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund
Volume 2022: Issue 220