Economic Rebound Continues to Falter

Advance-Estimate, Third-Quarter 2020 GDP Growth
Exploded at an Unprecedented, Annualized Real Pace of 33.08%

The Third-Quarter 2020 GDP Annual Year-to-Year Decline Also
Narrowed to 1.78% (-1.78%), from 9.03% (-9.03%) in Second-Quarter 2020

Third-Quarter GDP Activity Held Well Shy of Recovery, Even Though It Rebounded
Sharply from a Record Annualized 31.38% (-31.38%) Second-Quarter Plunge

The Level of Real, Inflation-Adjusted Third-Quarter GDP
Was the Lowest Since First-Quarter 2018

Unlikely Annualized Fourth-Quarter 2020 Real GDP Growth of 15.2%
Still Would Be Needed for a Full Economic Recovery This Year

Instead, Key Monthly Economic Series Have Been Locking
Fourth-Quarter Activity Into a Faltering, L-Shaped Recovery