Slow pace of vaccinations is largest drag on the economy -- survey of business leaders

Slow pace of vaccinations is largest drag on the economy, survey of business leaders shows "We just feel that things don't look as rosy as they did before," said one economic expert. NBC News

Corporate leaders are far less bullish about the economic recovery than they were back in the spring — and they fear that vaccination holdouts could stall or even reverse the progress that has been made.

A new survey by the National Association for Business Economics, or NABE, found a marked pullback in expectations for economic growth and output, especially in the near term. Survey respondents expect real growth in gross domestic product for this year to come in at 5.6 percent at the median — a significant drop from the median 6.7 percent growth expected in May, when the survey was last conducted. ...

The key difference, and the factor that is weighing on hopes for the recovery, is the resurgence of Covid-19 fueled by the highly contagious delta variant of the coronavirus. Everybody who was banking on the pandemic's receding over the summer has had to modify their expectations in the face of a public health crisis that shows no sign of abating. ...