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November Economic Review: Record economic growth. New infections present risk.

November 17, 2020

Economic Review: Solid economic growth again for October (Page 3)

After a couple of months of strong-but-slowing growth, the economy picked up some steam in October as many indicators were better than anticipated. Third-quarter GDP growth shattered the previous record, private payrolls in October grew by more than the month prior, manufacturing strengthened again, and total home sales (September data) rose to their highest level since the first half of 2006.

Financial Markets Review: Whipsawed (Page 4)

Concerns over slower growth, rising COVID-19 case counts, and election nervousness swirled in October, causing a seesaw ride for investors. Employment gains and the manufacturing pickup buoyed optimism early in the month. But rising case counts and uncertainty about the election depressed confidence later, only to be pushed up in early November by an apparent continued divided government. After the election, surprisingly positive news from the team of Pfizer and BioNTech on a coronavirus vaccine led to a surge in stock prices to record intraday highs.

The Outlook: Biden’s apparent win does little to alter the economic outlook (Page 5)

Barring legal challenges, former vice president Joe Biden was elected the 46th President of the United States, heralding a significant shift in priorities from the White House. Still, while the Biden presidency could mean sharp turns in trade, regulation, and social policies, the changeover should do little to alter the near-to-intermediate term path for the economy.

Go deeper with the full November report linked below.