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In 2018 the GDP growth rate was at 2.92%, then 2.29% in 2019, -3.40% in 2020, and 5.67% in the most recent recording. The inflation
In 2018 the GDP growth rate was at 2.92%, then 2.29% in 2019, -3.40% in 2020, and 5.67% in the most recent recording. The inflation rates over the last 4 years are as follows, 2.3%, 1.4%, 7%, and 8%. The unemployment rate over the past 4 years are, 3.5%, 7.9%, 4.7%, and 3.5%. After looking at the data, I would say that the economy is recovering over the last few years. I say this because, from years 2018 and 2019 and even before that there is a pattern or rate that you could assume for growth rate of GDP, inflation rate, and unemployment rate. Therefore, whenever we look at 2020 there is a big spike in each of these categories respectfully. This is due mainly to the pandemic but if you look further towards after the pandemic or what is hopefully the end now, there is a big dip between 2021 and 2020. There was a big recession due to lockdown which hindered the United States' economy from operating at the normal rate that it usually did. There were also a lot of changes in the productivity of our country and a lot of shortages and rise of prices were the result. Therefore, I think that the aggregate supply curve would have to have shifted to cause the change in the economy. Make comments about this discussion
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