The economy is “leveling off,” following the worst drop in GDP on record amid the pandemic, says Mohamed El-Erian, chief economic advisor at Allianz.
“It is the square root”–shaped recovery, El-Erian told Yahoo Finance’s On The Move.
The economy contracted 32.9% in the 2nd quarter amid COVID related shutdowns, and then initially came back strongly as seen in last month’s jobs report and the initial improvement in jobless claims.
“Now we’e getting the leveling off,” said…
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