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NABE; Chart: Kavya Beheraj/Axios

Business economists have tempered their 2021 growth expectations, cutting nearly a point off their annual GDP forecast since earlier this year, according to the NABE outlook survey released Monday.

Why it matters: This reflects increased concerns over the pandemic's impact on the economy, particularly due to the spread of Delta and other variants. Panelists said that a faster vaccine rollout could improve their outlooks.

By the numbers: NABE survey panelists project 5.7% real GDP growth for 2021, which is down from the 6.5% mark in May.

  • Anything above 4.8% would still be the highest annual GDP increase since 1984.
  • Panelists expect 2022 growth to be 4.2%, down from 4.4% in May.
  • Labor market expectations remained unchanged from May, with two-thirds of panelists still expecting non-farm payrolls to return to pre-pandemic levels by the end of next year.

Only a small percentage of panelists felt that federal action or inaction on a large spending bill would have a significant impact on short-term growth, but most expect sharp inflation growth in 2021 and moderate inflation growth in 2022.

Go deeper

Inequality Index signals October jobs growth for lower-income Americans

Data: Morning Consult/Axios Inequality Index; Chart: Axios Visuals

Polling for the Morning Consult/Axios Inequality Index suggests that as the Delta variant ebbed over the last month, job security improved for lower-income Americans.

The big picture: As a result of the improving environment, the Inequality Index this month declined to its lowest point since April — reversing a significant spike in September.

2 hours ago - World

Brazil senators vote to recommend criminal charges for Bolsonaro

Brazilian senators vote on probe into President Bolsonaro's handling of pandemic. Photo: Gustavo Minas/Bloomberg via Getty Images

A Brazilian Senate committee Tuesday voted to approve a report recommending President Jair Bolsonaro be charged with a raft of criminal indictments, including crimes against humanity over his response to the COVID-19 pandemic, per AP.

Why it matters: Bolsonaro has become the face of a right-wing approach to the pandemic that includes repudiating vaccines and masks and resisting lockdowns and other mitigation measures. The Senate report holds him personally responsible for half of the country's 600,000 deaths.

Former Georgetown tennis coach pleads guilty to accepting admissions bribes

Gordon Ernst (left) former head tennis coach at Georgetown, outside a courthouse in Boston in 2019. Photo: Jessica Rinaldi/The Boston Globe via Getty Images

A former Georgetown University head tennis coach has pleaded guilty Tuesday to bribery charges related to facilitating the admission of prospective applicants.

Why it matters: Gordon Ernst solicited and accepted bribes from William Singer, ringleader of the cheating scheme uncovered by Operation Varsity Blues, and families in exchange for helping prospective applicants get into Georgetown as student athletes, according to the Justice Department.

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