The U.S. economy continues to rebound at a historic rate after being ravaged by the coronavirus pandemic and the public and government response to it earlier this year.
It is good news for American workers and anyone confident in the Trump administration’s predicted V-shaped recovery.
The Commerce Department reported the gross domestic product increased at an annual rate of 33.1 percent in the third quarter of this year.
The department credited efforts “to reopen businesses and resume activities that were postponed or restricted due to COVID-19.”
The stunning gain in economic output is in contrast to a second quarter that saw real GDP decrease by 31.4 percent.
US GDP up 33%!
After months of saying the US will not recover, a “V” shaped recovery!
Cars,tech-even retail are all UP! But the news has to be down because news orgs are political machines. They paint doom at every corner. After 11/4 everything will be rosy! #economy #election pic.twitter.com/VoteLZzdo0
— James Barry (@jmbarry) October 29, 2020
CNBC reported the quarter from April to June was the country’s worst ever as businesses closed and public confidence crashed.
It exceeded the country’s previous worst quarter for economic output, which came in the second quarter of 1950, when the GDP plunged by 16.7 percent.
But this past summer, as many parts of the country reopened, Americans made up for the losses — and even beat expectations.
A Dow Jones survey estimated a 32 percent increase in real GDP.
President Donald Trump has said numerous times throughout the last month that he expected big numbers with regard to third-quarter GDP growth.
The president celebrated the Commerce Department’s numbers on Twitter.
But he further warned that if he’s not re-elected, the Democratic nominee, former Vice President Joe Biden, would reverse the gains that have been made.
“GDP number just announced. Biggest and Best in the History of our Country, and not even close. Next year will be FANTASTIC!!!” the president tweeted.
Trump added, “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.”
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.
— Donald J. Trump (@realDonaldTrump) October 29, 2020
Investors reacted positively to the GDP’s expanding at the fastest rate on record from July to September.
The Dow, the Nasdaq and the S&P 500 were all in positive territory, or flirting with it, Thursday after a tumultuous trading day Wednesday.
CNN Business reporter Anneken Tappe reported the federal government first began to tracking quarterly GDP data in 1947.
Tappe noted the third quarter “was one for the record books.”
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