The Economic Outlook for Q3 2025

The labor market remains resilient—jobs are still being added, though at a slower pace—while unemployment continues to edge lower, partly due to shifts in labor supply. Our written outlook this quarter highlights the rising U.S. debt, the implications of the One Big Beautiful Bill Act, and the potential long-term effects of a higher debt-to-GDP ratio.

If interested in a deeper dive on these topics, check out our latest Quarterly Outlook.

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