New economic forecast is both upbeat and cautionary

The United States economy is bouncing back rapidly from the severe and unprecedented pandemic-driven downturn that began early this year, according to a new economic forecast released Oct. 13 at the 11th annual Inland Empire Economic Forecast Conference.

Despite the alarming and record-breaking decline in economic output that occurred in the second quarter, and the ongoing painful effects of the COVID-19 epidemic itself, the economy remains fundamentally strong, and in many ways is already rebounding.

“The United States hit its low point in the current downturn back in April, and since that ti...