US Macroeconomy
After the steepest economic decline in history during Q2, the US GDP skyrocketed by +33.1% during Q3-2020 which is in stark contrast to the -31.4% contraction in the previous quarter. Much of the country was shut down in the second quarter due to COVID-19 and that forced the economy to decline; most businesses reopened in Q3 with economic activity underpinned by increased consumer spending (+41%), gains in business (+83%) and residential (+59%) investment, and improved exports. Although headline GDP growth was very strong, the US economy is not on strong footing with unemployment still at 7.9% which is more than double the pre-pandemic unemployment rate. Some half of the 22 million jobs lost during March and April remain unfilled; 12.6 million people are still without work.
