As winter approaches, we wanted to summarize October and discuss some points of interest.
Vaccination rates continue to climb as we get closer to the cold weather. Additionally, Covid cases are declining as the delta variant fades. However, the pandemic is resulting in lasting economic effects. Supply chains are strained as strong demand overwhelms reduced production capacity and stressed shipping networks. Inflation remains stubbornly high, resulting in price increases across food, clothing, appliances, and other everyday items. In commodity markets, the price of WTI oil rose +10.9% during October as demand increased and oil production lagged. The Commerce Department’s preliminary GDP estimate indicates the economy expanded at a +2% annualized pace during the third quarter. It was a slowdown from the +6.3% and +6.7% recorded during the first and second quarters, respectively, earlier this year.
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