US needs second round of fiscal stimulus to preserve jobs

The US economy is recovering smartly from the deepest recession on record, however, it needs another round of fiscal stimulus ahead of the upcoming presidential election to preserve jobs, the latest Reuters poll of over 100 economists suggests. 

The number of Americans filing for unemployment benefits unexpectedly climbed back above one million last week, the official data released on Thursday showed. 

Key points

The US economy is expected to grow 18.8% in the third quarter following second quarter’s record 32.9% contraction. 

The economy is expected to grow 6.1% in the fourth quarter, slightly slower than the 6.5% rate predicted in July. 

More than half of respondes said the US economy would take two or more years to reach pre-coronavirus pandemic levels. 

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