The Conference Board forecasts that the US economy will grow by 5.5 percent (annual rate) in Q3 2021 and 3.9 percent (annual rate) in Q4 2021. Year-over-year growth should reach 5.9 percent in 2021 and 3.8 percent in 2022. The COVID-19 Delta surge is impacting US consumers’ confidence, but consumption appears to be holding up well regardless. However, the pivot back to spending on in-person services is being delayed. Meanwhile, businesses continue to struggle to replenish low inventories amidst pandemic-related supply chain disruptions. Private inventories are not likely to meaningfully expand until the end of the year.