As 2021 begins, the U.S. economy continues to show signs of recovery and resilience. Employment has strongly rebounded with:
- over 12 million jobs recovered since May;
- a soaring housing market;
- the ISM Purchasing Managers Index has returned to pre-pandemic levels, reaching a two-year high in October;
- many companies reporting better-than-expected quarterly results;
- consumer confidence has trended higher but has a way to go before attaining levels seen early in 2020.
An additional stimulus package with a price tag of $900 billion was passed late in the year featuring much-needed aid to households, unemployed workers, and small businesses battered by the pandemic. Equity markets staged a stunning recovery from a dramatic plunge in the early part of 2020 with large-cap stocks posting a return with dividends of +18.4% for the year. Get the full report in our latest Quarterly Market Review.