While the official numbers are not in yet, it is estimated by that the economy reinflated by 30-35% in the 3rd quarter. Approximately 3.8 million folks returned to work. Amazing figures, but the economy remains down approximately 10% from February. Of the 22 million jobs lost in the spring, it is estimated that over 10.7 million have not returned. Much of those losses are concentrated in the entertainment, travel, and hospitality sectors. While the housing market has been a bright spot in the economy, many economists caution that most of the easy growth has now been captured, and they expect the overall recovery to slow until a vaccine is available. (Sources: Goldman Sachs, Dept. of Labor, JP Morgan)
Read the rest of entry »