Direct deposits will be issued on October 29th, with postal 4th stimulus checks beginning on November 1st, according to the FTB. Those who meet the criteria but do not have children will earn $600, while those who do will receive $1,100. Approximately 4.5 million Golden State Stimulus II payments have been made thus far. Those who received a payout under the Golden State Stimulus in the first round will not receive another.
The pandemic continues, despite the fact that COVID shut down the economy last year. The Delta variety is still creating positive instances, albeit at a lower rate, and President Biden has urged for immunizations to be made more widely available. Though shortages and inflation persist, the overall economy has returned to where it was in early 2020. Even so, some folks have yet to catch up. Even in industries where jobs are plentiful, unemployment exceeds pre-pandemic levels. Although the federal unemployment benefit expired in early September, millions of individuals are still without food and are overdue on their expenses. It would be beneficial to conduct a fourth stimulation check.
COVID’s economic impact was to be mitigated, and the economy was to be supported as a result of the relief payments. The third batch of relief payments, courtesy of the American Rescue Plan, began in March (ARP). Approximately 169 million people received up to $1,400 each over the next few months. Nearly all of the $422 billion set aside was used for this purpose. The ARP checks came nine months after the $600 payments made in January, which came nine months after the $1,200 payments made in the early days of the pandemic.
According to the latest recent estimate from the Bureau of Economic Analysis, the US economy grew at an annualized rate of 6.7 percent in the second quarter of 2021. (Supply shortages may have slowed growth even more.) This maintains the blistering pace set in the first quarter when the economy grew by 6.4 percent. The Conference Board predicts that growth will continue, albeit at a slower pace, for the rest of the year. The country’s gross domestic product (GDP), a measure of overall economic activity in the United States, has surpassed pre-pandemic levels. According to that metric, the economy has fully recovered.
During the pandemic, a large portion of the workforce has experienced little economic hardship. Many jobs that may be done at a desk in an office can also be done at a desk in someone’s home. With fewer places to spend money during the pandemic, as well as three stimulus checks, many Americans saved more than they would have otherwise. In April of 2020, the personal saving rate soared to 33.7 percent, and it has remained substantially above pre-pandemic levels ever since. It was 9.4% in August 2021, still higher than the 8.3% recorded in February 2020, the month before the pandemic began.
Low borrowing rates and those stuck at home discovering the constraints of their living space have boosted the housing market. According to the National Association of Realtors, the national median sales price for an existing home in September was $352,800, up 13.3 percent from September 2020. Houses priced above the median aided much of that increase. Housing inventory fell by 13% in August compared to the same month last year.