The US economy has lost some luster, but demand appears resilient in the face of lingering supply-chain disruptions. With the health situation having improved considerably over the past few weeks, consumer spending is firming and high frequency data points to an acceleration in employment growth. Still, there is no escaping the fact that limited supply and persistent inflation is weighing on activity. As a result, we’ve trimmed our GDP growth forecast by 0.1ppts to 5.4% in 2021 and 4.3% in 2022.
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