OECD: U. S. economic recovery has slowed

The Paris-based Organization of Economic Cooperation and Development said, Tuesday, that the U.S. economy is losing drive on its path to recovery from the coronavirus pandemic.
OECD forecast that gross domestic product would grow 6% in 2021, down nearly 1 percentage point from last May. The OECD previously predicted GDP would grow 6.9% this year.
By comparison, GDP contracted at a 3.5% annual rate in 2020, when the economy came nearer to slow the spread of COVID-19 infections.
Economy gained relative strength as a result of nationwide vaccination campaigns and easing business restrictions, but afterwards the spread of Delta variant in the summer months has since forced growth to retreat.
OECD also mentioned other signs of slowing momentum including retail sales softening in July, global car sales’ drop accompanied with supply shortages in key sectors, such as semi-conductors and shipping.
The U.S. is averaging about 140000 new COVID-19 cases per day with roughly 1000 deaths, according to official data.