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Quarter-End Insights

We're Still Bullish on U.S. GDP Growth

The third quarter served as a reminder that the economic recovery is far from over.

Supply chain constraints and the delta variant conspired to push U.S. gross domestic product growth down to just 2% in the third quarter of 2021, the slowest rate in the recovery so far. However, we see this as a minor bump in the road, as we continue to expect several years of above-2% GDP growth before the economy is fully recovered. Continued recovery in the labor market underpins our views on U.S. GDP growth, which are above consensus.