Flash Commentary No. 1456

(SGS Subscription required) • Fourth-Quarter 2020 Annualized Real GDP Growth of 4.0% Was as Expected, Slowing from the Record 33.4% Third-Quarter Pandemic Rebound
• Full-Year 2020 Annual GDP Decline of 3.5% (-3.5%) Was the Deepest Since the 1946 Post-World War II Economic Reset
• Current U.S. Remains Far from a Full Recovery
• First-Quarter 2021 GDP Increasingly Is Set for a Relapsing Quarterly Contraction
• Deepening Deficits in Fourth-Quarter and Annual 2020 Real Net-Exports (GDP) and the Related Real Merchandise Trade Deficit Were the Worst Ever in Modern U.S. Reporting
• Real Annual Growth in New Orders for Durable Goods Turned Negative, Amidst Renewed Slowing in Commercial Aircraft Orders
• Full-Year 2020 Existing- and New-Home Sales Were Highest Since 2006
• Yet, Fourth-Quarter 2020 New-Home Sales Contracted, as Did Real Retail Sales, Suggestive of Consumers Facing Intensifying Pandemic and Liquidity Issues
• Financial Market Turmoil Is Just Beginning

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