The US economy will expand at a faster pace than previously expected and will reach pre-crisis levels within six months, according to most economists surveyed by Reuters. However, the survey showed that employment will take more time to recover.

The optimism was largely driven by the House's vote on a $ 1.9 trillion bailout package proposed by US President Joe Biden in response to the pandemic that killed about 530,000 people in the United States and left millions out of work.

After contracting 3.5% last year, the world's largest economy will grow 5.7% this year, according to a March 8-11 poll among more than 100 economists.

Answering an additional question, 85% of economists, or 51 out of 60, said that the economy will reach pre-crisis levels within a year, including more than 60% expecting this within six months. With new stimulus and more pent-up demand, and high savings to fuel it, the likelihood is high that GDP losses will recover by the end of the second quarter.

Following the approval of one of the largest stimulus packages in American history, the US economy is forecast to grow 4.8% this quarter and 7.2%, 7.1% and 5.0% in the next three quarters, respectively. These numbers are higher than the 2.8%, 6.0%, 6.3% and 4.6% forecasted last month.

While the US economy created more than expected jobs in February and the unemployment rate fell further, the latest employment report showed that the labor market will likely take several years to heal from the deep scars of the pandemic.

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