According to a leading economic expert our industrial output and GDP indicate that the US economy has already recovered.

U.S. data indicates that inflation is confined to certain sectors and will not pose a threat to the recovery, according to Carl Weinberg, chief economist at High Frequency Economics. U.S. CPI inflation came in at an annual 6.2% in October, its steepest climb for more than 30 years. The persistent high inflation and continuation of pressures such as supply chain bottlenecks have led many economists to question the Federal Reserve’s long-held view that the spike will be “transitory.” Weinberg told CNBC’s “Squawk Box Europe” that with industrial output and GDP back to pre-pandemic levels, the U.S. economy has essentially recovered. He argued that the labor market lagging is “typical for economic recessions,” with unemployment following the 2008 global financial crisis taking around a decade to fully recover.  “We have a problem related to specific sectors of the economy, not the economy overall. I was surprised to read recent industrial production and manufacturing numbers, but they are what they are, and we are doing it now with 5 million fewer people working than before the pandemic, so this tells us that productivity ought to be up by maybe 3% or more compared to then,” Weinberg said.  “The rise of selected categories, scattered categories of products within CPIs are making those averages of the basket price move higher, but that doesn’t mean that all prices are moving higher along with all wages,” Weinberg said -- “Inflation is a process of spiraling wages and prices, it is not a one-time event, an off-time shock to prices coming from an understandable supply shock.” 

Source: CNBC