According to the Fed's branch, the US economy is just about to recover

According to the head of the US Federal Reserve branch in Richmond, Thomas Barkin, the US economy is just about to recover fully. "Vaccines are being distributed, rates are rising and hospitalizations are declining, excessive savings and fiscal stimulus should support funding for increased consumer demand," Barkin said on Monday, cnbc.com reports. The US economy contracted by 3.5 percent in 2020. However, according to this month's forecast of the Organization for Economic Co-operation and Development (OECD), the US economy will grow by 6.5 percent this year and by four percent next year. The US labor market has been recovering from the downturn after the global financial crisis for about a decade, but this time it probably did not suffer long-term losses, Barkin said. This is because job losses in the United States over the past year have been concentrated in sectors such as hospitality, where workers change jobs regularly and could move to similar positions more quickly, Barkin explained.