The economic recovery remained on track through the third quarter as macro data continues to improve and business and consumer confidence gains momentum. The unprecedented level of monetary and fiscal stimulus will continue to backstop economic growth in the foreseeable future.
Following the historic drop in GDP of -31.4% in the second quarter, we are likely to see a huge rebound in the neighborhood of 20-30% for the third quarter. The number of unemployed continued to fall in September with the rate dipping lower to 7.9%. Market returns were positive for the quarter, although less so than the major market rebound in Q2. Read the full report in our latest Quarterly Market Review.