Does America face a slowdown in economic growth?

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IT WAS INEVITABLE that global economic growth would slow from the breakneck pace set as economies recovered from the pandemic. Lately, investors have begun to worry about something worse: that America’s economy, which has led the rich-world rebound, could decelerate sharply. As well as supply bottlenecks and the withdrawal of economic stimulus, the country, like many others, now faces the ultra-infectious Delta variant. A painful slowdown remains unlikely. But the renewed spread of the virus is the biggest of those three dangers.

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To see how the latest rich-world coronavirus waves are likely to develop, consider that on July 20th America reported a seven-day moving average of 112 new cases for every million people. That is roughly where Britain, with a higher rate of vaccination, more restrictions and deadlier past…

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