Gross Domestic Product Grows 33 Percent in Third Quarter as U.S. Economy Grows at Record-Shattering Pace
By Fox Business // October 29, 2020
ABOVE VIDEO: White House Chief of Staff Mark Meadows discusses the election and GDP Q3 growth.
(FOX BUSINESS) – The U.S. economy grew at a record-shattering pace in the third quarter as businesses reopened from the coronavirus shutdown, but the nation remains in a deep hole from the COVID-induced recession.
Gross domestic product, the broadest measure of goods and services produced across the economy, surged by 33.1% on an annualized basis in the three-month period from July through September, the Commerce Department said in its first reading of the data Thursday. The previous post-World War II record was a 16.7% increase in 1950.
Refinitiv economists expected the report to show the economy had expanded by 31%.
But the headline figure obscures the full picture: The economy contracted at an annual revised rate of 31.4% in the previous quarter, the sharpest decline in modern American history. Looking at the quarterly data, the nation’s GDP grew 7.4% from the second to the third quarter, compared with a 9% decline between the first and second quarters.
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