The Briefing Room

General Category => Economy/Business => Topic started by: mystery-ak on October 29, 2020, 01:36:26 pm

Title: GDP grew at record 33.1% annual rate in third quarter in partial bounceback from pandemic losses
Post by: mystery-ak on October 29, 2020, 01:36:26 pm: GDP grew at record 33.1% annual rate in third quarter in partial bounceback from pandemic losses
by Jay Heflin, Business Editor |
| October 29, 2020 08:32 AM

The U.S. economy grew at a record-breaking 33.1% annual rate in the third quarter, the Commerce Department reported Thursday, beating forecasters' expectations.

The massive growth number, although not enough to return the economy to pre-pandemic health, will provide President Trump to claim in the last days of the election that the country is clawing its way out of the COVID-19 recession faster than critics thought possible.

"This record economic growth is absolute validation of President Trumpâ€™s policies which create jobs and opportunities for Americans in every corner of the country," said Tim Murtaugh, the Trump campaign's communications director.

Still, the economy is 3.5% smaller than it was at the end of 2019.

more
https://www.washingtonexaminer.com/news/gdp-grew-at-record-33-1-annual-rate-in-third-quarter-in-partial-bounceback-from-pandemic-losses (https://www.washingtonexaminer.com/news/gdp-grew-at-record-33-1-annual-rate-in-third-quarter-in-partial-bounceback-from-pandemic-losses)
Title: Re: GDP grew at record 33.1% annual rate in third quarter in partial bounceback from pandemic losses
Post by: mystery-ak on October 29, 2020, 02:54:27 pm: Trump Campaign Celebrates Massive GDP Increase
https://townhall.com/tipsheet/katiepavlich/2020/10/29/trump-campaign-celebrates-massive-gdp-increase-n2579005
Title: Re: GDP grew at record 33.1% annual rate in third quarter in partial bounceback from pandemic losses
Post by: truth_seeker on October 29, 2020, 07:13:11 pm: Strong V-shaped recovery per DJT's claim weeeks ago

too little too late however
Title: Re: GDP grew at record 33.1% annual rate in third quarter in partial bounceback from pandemic losses
Post by: berdie on October 29, 2020, 08:09:28 pm: Quote from: truth_seeker on October 29, 2020, 07:13:11 pm
Strong V-shaped recovery per DJT's claim weeeks ago

too little too late however

How so? I find it amazing.
Title: Re: GDP grew at record 33.1% annual rate in third quarter in partial bounceback from pandemic losses
Post by: catfish1957 on October 29, 2020, 08:17:09 pm: Quote from: berdie on October 29, 2020, 08:09:28 pm

How so? I find it amazing.

It is amazing, but unfortunately the unemployment numbers tend to be more of a lagging indicator in these recoveries. Joe Sixpack cares more for that stat.
Title: Re: GDP grew at record 33.1% annual rate in third quarter in partial bounceback from pandemic losses
Post by: Drago on October 29, 2020, 11:39:31 pm: And about 20% of the 3rd Qtr. GDP gain was Federal Reserve/Treasury printed money stimulus. ($71 billion out of about a $375 billion increase in GDP).
Title: Re: GDP grew at record 33.1% annual rate in third quarter in partial bounceback from pandemic losses
Post by: IsailedawayfromFR on November 02, 2020, 01:38:13 am: Quote from: berdie on October 29, 2020, 08:09:28 pm

How so? I find it amazing.
I do too.

Do not understand that poster's comment.