The Economy Is Still Vulnerable. Trade Could Be a Refuge.

Only a year ago, trade was a big worry for investors, and the strong domestic economy a source of comfort. How times change.

The median estimate among analysts is still that the U.S. economy will expand 4% in the final quarter relative to the third. Vaccines under development also raise the prospect of a quicker end to the pandemic, which could help unlock some extra capital spending and hiring. But at the same time, signs of weakness are creeping into the labor market and Covid-19 cases are surging. In the eurozone, the economy…

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