2 For example, during the pre-pandemic expansion, the long-standing disparity between unemployment rates for prime-age African Americans and Hispanics and their white counterparts began to close. In fact, disparities in labor market outcomes just prior to the onset of the pandemic were the narrowest in at least 50 years.
Looking forward, Japan's economy is likely to experience a sustained period of expansion with a virtuous circle of production, income, and spending in operation. There are various risks concerning future developments in Japan's economy. For example, although international commodity prices, primarily crude oil prices, have declined since posting record highs this summer, they still remain at high levels.