In the 3rd quarter of 2020, the U.S. economy continued to rebound from the initial fallout of the COVID-19 pandemic. While growth was strong across many markers of economic vigor, gains thus far have not been sufficient to recoup early Spring’s losses. Third-quarter growth, which was especially strong in the housing and automotive markets, mixed with stagnating oil prices and a falling U.S. dollar value. U.S. capital markets recorded strong gains early in the quarter, then suffered a September slump, particularly in the technology sector.
The national economy has been attempting to shake off the effects of COVID-19 since its plunge in April. Most economic measures have been recuperating since May or June, yet at the end of the 3rd quarter, the U.S. economy remained less robust than before the pandemic. The U.S. remained in a recession that marked February as the peak of an economic expansion lasting 128 months from its beginning in June 2009.