Quarterly macroeconomic highlights

Q3 2020

Earliest signs of recovery from sharpest recession in a century

Q2 2020

COVID-19: U.S. cycle was mature and vulnerable to shock

Q1 2020

Consumers continue to drive the U.S. economy

Q4 2019

U.S. economic cycle continues to mature

Q3 2019

U.S. economy expands despite slowing growth

Q2 2019

Global economic growth should continue despite trade disputes

Q1 2019

Greater economic challenges in 2019, but equity valuations are more attractive

Q4 2018

Communication services well positioned for a moderate growth environment

Q3 2018

European economic picture weakens in 2018

Q2 2018

Labor market continues to strengthen