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• US: The recovery in economic activity has continued, although the pace of improvement in the labour market is slowing• UK: The current national lockdown will delay the commencement of a sustained recovery in the UK economy• Euro Zone: The re-imposition of lockdowns means that the Euro Zone is back in recession• China: Economic activity has rebounded strongly, but there is evidence that the recovery is moderating• Japan: The recent resurgence in coronavirus cases weakens the short-term outlook• Australia: An economic recovery is underway led by a rebound in consumer and business confidence• New Zealand: The recovery is strengthening, raising questions as to when policy should be tightened