U.S. Economy Grew at a Record 33.1% Annual Rate in Third Quarter

Headline Roundup October 29th, 2020

The U.S. economy experienced record growth in the third quarter as the gross domestic product (GDP) rebounded at a 33.1% annualized rate.

The increase follows a record decline from earlier in the coronavirus pandemic when shutdowns disrupted business activity. Analysts project the economy will end 2020 smaller than a year before, as the pandemic continues to disrupt lives and commerce.

U.S. Economy Grew at a Record 33.1% Annual Rate in Third Quarter

From the Center
302
Economy and Jobs, coronavirus, GDP, reopening business, US Commerce Department

The economy grew at a record pace in the third quarter—increasing 7.4% over the prior quarter and at a 33.1% annual rate—recovering about two-thirds of the ground it lost earlier in the coronavirus pandemic.

Gross domestic product—the value of all goods and services produced across the economy—jumped following a record decline from earlier in the pandemic when the virus and related shutdowns disrupted business activity across the country. That puts the economy about 3.5% smaller than at the end of last year, adjusted for inflation and seasonal fluctuations.

The third-quarter...

Read full story
From the Right
302

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 Trump’s policies which create jobs and opportunities for Americans in every corner of the country,"...

Read full story
From the Left
302

The US economy in the summer recovered much of the historically enormous ground it lost in the spring, expanding at the fastest rate on record in the third quarter, the Commerce Department reported Thursday.

Still, the recovery remains incomplete. The economic crisis that Covid-19 brought on is far from over, and the pandemic threatens to plunge the American economy into turmoil again as infection numbers continue to rise rapidly across the country.

The third quarter, however, was one for the record books. Gross domestic product -- the broadest measure of...

Read full story

Try the New AllSides Mobile App

The only news app you’ll ever need. Now available on iOS. Android version coming soon.