“2022 is what I’m going to call a transition towards normalcy.'
with a sense of wariness: The uncertain severity of the omicron variant and sharply escalating prices cast twin shadows over forecasters’ expectations, but some still found reason for optimism in the face of these unknowns.
“The health care system at this point is pretty well prepared to pivot and create different forms of vaccines and different forms of therapeutics as new variants present themselves,” Young said. As a result, stretches of market volatility that have accompanied each new variant and subsequent surge had become more muted, she noted. “Those reactions keep getting shorter and shorter,” she said.
Fairweather predicted another year of higher rents, estimating a 7 percent increase nationwide in 2022. “Demand for rentals will be strong for several reasons,” she said. “The end of mortgage forbearance will cause many homeowners to sell and rent instead. As the pandemic subsides, more people will choose to live in cities where it is more common to rent.
If 2021 was marked by hope for the future, though, experts say investors will use corporate earnings as a window into the health of the American consumer, and by extension, the nation’s economic growth. Yet even Federal Reserve Chairman Jerome Powell admitted that policymakers were perplexed by the extent to which the labor force participation rate remained depressed in 2021. In the new year, experts say the American workforce will come closer to its pre-pandemic norm, but only up to a certain point. Some of the changes triggered by Covid-19 are likely to be, if not permanent, long-term fixtures of the labor market.
One bright spot is the elevated rates of accrued savings still held by many American families. Bank data shows that these reserves are dwindling, but some experts held out the hope that they could last for long enough to serve as a buffer against escalating inflationary pressures.
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