Q3 2021 Market Charts “Turning Data into Knowledge”

Economy Highlights:
Macro

• We expect the global economy to grow about 6.0% in 2021, continuing a recovery from a deep recession that sent global gross domestic product (GDP) down an estimated 3.3% in 2020¹.
• Labor-intensive services industries are moving to the leading edge of this economic recovery after being hit hardest during the worst of the pandemic, boosting prospects for employment, income, and consumer-spending growth.
• U.S.-China trade tension are expected to change little under the Biden administration. However, improvement in transparency and predictability in trade policy direction would likely help to ease a headwind to the recovery of world trade.

¹ Economic forecasts are provided by Wells Fargo Investment Institute as of June 30, 2021