The good economic news, when it comes to the ascendant Delta variant of the coronavirus, is that it puts the economy at risk in only two ways. The bad news: They are supply and demand.

So far, the recovery remains robust by most available data. Real-time indicators of business activity show little evidence that Americans are pulling back their economic activity in any meaningful way.

But while there is no reason to expect a repeat of the huge disruption of 2020, the new variant puts at risk the kind of rapid recovery that has been underway for months. Just as major parts of the economy were figuring out how to return to full functioning, this may amount to throwing sand in the gears.

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