End of third-quarter shows bright spots, holes in US economic recovery

The U.S. economic recovery continued to advance at a slow pace over the past week, with signs that businesses were still rehiring workers but also that a gusher of government assistance earlier in the year may have run its course.

Estimates of retail traffic based on cellphone data moved above their March 1 level, before a state of emergency was declared, according to information from Safegraph https://www.safegraph.com/dashboard/covid19-commerce-patterns. So far, the U.S. rebound from the coronavirus-triggered recession has kept steadily on track. The third quarter, covering the July-September period, is expected to show the largest ever annualized jump in U.S. gross domestic product, somewhat offsetting the epic collapse from March through June.

The U.S. Department of Labor reported on Thursday the number of people receiving unemployment benefits after an initial week of aid fell by nearly a million for the week ended Sept. 19, but that still left 11.7 million people receiving the benefits - more than seven times the number from a year ago. Oxford Economics Recovery Index: https://graphics.reuters.com/USA-ECONOMY/OXFORDINDEX/rlgpdlnyepo/chart.png

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