U.S. Economy Sees Record Growth in Third Quarter - GDP Remains Below Pre-Pandemic Level
Thursday, October 29, 2020
The U.S. economy grew at a 33.1% annualized pace in the third quarter, the United States Commerce Department announced on Thursday.
The economy, however, remains 3.5% smaller than it was at the end of 2019.
Trump Touts Growth
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTPresident Donald Trump Tweeted the following Thursday morning.
GDP number just announced. Biggest and Best in the History of our Country, and not even close. Next year will be FANTASTIC!!! However, Sleepy Joe Biden and his proposed record setting tax increase, would kill it all. So glad this great GDP number came out before November 3rd.
"Not many people are popping champagne corks, though, because GDP also shrank at a record pace during the previous three months," wrote NPR. "Despite the strong rebound in July, August and September, the economy has not yet recovered from the damage done by the coronavirus pandemic."
The state of play: The record growth follows easing of the coronavirus-driven lockdowns that pushed the economy to the worst-ever contraction — but GDP still remains well below its pre-pandemic level.
Between the lines: The annualized GDP figure assumes the pace the economy grows in the last quarter continues over the year.
The economy grew 7.4% on a non-annualized basis — still a record, by that measure.
A Trump thought bubble, from Axios' Alayna Treene: The economy is still the president's #1 message ahead of the election, and his team was always going to try to portray this last report as a win for the administration.
