North America Macroeconomic Update: Quick Rebound, Slowing Recovery

In Q2 2020, the North American economy experienced the worst quarter on record, with output declining 9% QoQ (-31.7% annualized) in the United States and 11.5% QoQ (-38.7% annualized) in Canada. Although output is rebounding in the third quarter, 2020 will likely be the worst growth performance in the U.S. since 1946.