Winter Market Outlook:
2021 Recap By Matthew Naeyaert, GreenStone Capital Markets Senior Credit Analyst,
Throughout the past year the U.S. economic recovery has been remarkably strong coming out of the COVID-induced recession of 2020. However, the rate of expansion slowed substantially in the third quarter of 2021 as gross domestic product (GDP) grew at an annual rate of 2.1% according to the U.S. Bureau of Economic Analysis. This reading came on the heels of strong, annualized, GDP growth of 6.3% and 6.7% in the first and second quarters, respectively. The deceleration in growth was primarily attributed to widespread labor shortages and worsening supplychain bottlenecks. As has been the case over the past 18 months, future economic expansion will continue to depend heavily on the course of the virus, particularly the impact of any potential new variants. The U.S. labor market has consistently added jobs in 2021 with average monthly gains of 555,000 through November. 17
Winter 2022 — Partners
