U.S. Economic Recovery Loses Steam Just as Biden Takes Office

Bloomberg, Jan. 19, 2021–Reade Pickert, Yue Qiu, Alexander McIntyre
President-elect Joe Biden this week inherits an economic recovery that’s challenged by the raging pandemic and a still-suffering labor market. The latest data show how the untamed virus continues to constrain the U.S. rebound. Business restrictions to curb the spread helped drive a jump in initial jobless claims, while a weekly measure of retail sales has eased to a five-week low.