People shop at the Citadel Outlet mall, as the global outbreak of the coronavirus disease (COVID-19) continues, in Commerce, California, U.S.
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REUTERS/Lucy Nicholson

Jason Furman (PIIE) and Wilson Powell III (PIIE)

The US economy grew faster than expected in 2021, capped by strong growth in the fourth quarter. Distortions inflicted by the COVID-19 pandemic—low labor force participation, more spending on goods rather than services, less business investment, and low inventories—still linger even as overall demand returns to normal.

The Peterson Institute for International Economics building is closed to staff and visitors until further notice. PIIE personnel are working remotely, with access to telephone messages.

Photo Credit: 
REUTERS/Lucy Nicholson

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