An August 12, 2020 Wells Fargo Macro Economics & Strategy Global Mobility Report indicates an increase in economic mobility in some areas despite the current pandemic-related challenges.
Recently, in states such as Texas and California, there has been a recent improvement in economic mobility during the COVID-19 pandemic. This small window of improvement shows promise and hope among workers, with experts anticipating it will provide a nice glimpse into the coming months. However, economists are watching closely to see if this is a sustained trend in specific areas.
It’s very clear that not all states are able to show the same buoyancy. Unfortunately, New York shows a “flat line” of mobility along with Florida. This could potentially cause great confusion for people, as opposing economic trends have taken place across the country.
From an international viewpoint, the United Kingdom has managed to fill a small gap within their lack of employment, however, there is still an overall decline throughout Western Europe. This allows for the United States to potentially catch up to their upward economic growth.
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