America’s economy has come roaring back, according to predictions for next week’s unveiling of the third-quarter figure for the nation’s gross domestic product.
The federal government will officially unveil its figures next Thursday, but Bloomberg, in its survey of economists, is predicting a 30 percent growth, which it labeled “remarkable” as well as a postwar record.
In its reporting, Bloomberg said that it expects the economy to keep growing and that one factor in future growth is that “states are unlikely to reimpose widespread lockdowns even if cases continue to rise.”
Bloomberg noted that consumer spending has risen for four straight months and that the National Association of Home Builders monthly index of builder sentiment is the highest since it began in 1985.
Bloomberg’s forecast is not the only one looking up.
BREAKING: “On October 29th, in ten days, we expect a report that says third quarter real GDP rebounded at a 33.4% annual rate,” according to First Trust Portfolios in Chicago
— Paul Sperry (@paulsperry_) October 19, 2020
In September, the Bank of America predicted the third-quarter GDP growth will be 27 percent, according to Yahoo.
The GDP Now calculator of the Federal Reserve is even more positive, with a prediction of 35.3 percent growth when it was last updated on Tuesday, according to the Federal Reserve of Atlanta.
In its reporting on the expected 30 percent GDP growth, CNBC noted that the economy has added 11.5 million jobs since May and that confidence is rising.
The Conference Board’s CEO Confidence Index, which measures the percent of positive responses on economic conditions, hit 64 in September after a reading of 45 in August.
The report said 64 percent of those surveyed expect economic conditions to keep getting better.
“CEOs entered Q4 significantly more upbeat than they were earlier this year,” said Dana Peterson, chief economist of The Conference Board.
“Notably, talent shortages eased in the wake of COVID-19 and nearly two-thirds of business leaders said they anticipated little, if any, problems with attracting qualified workers. Nonetheless, uncertainty around the pandemic — and its aftermath — remains a risk to Q4′s newfound optimism as we enter 2021,” Peterson added.
Earlier this month, President Donald Trump said that the recovery could be stalled if Democratic Joe Biden wins the presidential election.
“The policies of the left would unleash an economic disaster of epic proportions,” Trump said, according to CBS.
“The choice facing America is simple: It’s the choice between historic prosperity under my pro-American policies, or crippling poverty and a steep depression under the radical left,” Trump said in a speech to the Economic Club of New York, according to the New York Post.
“Under my continued leadership, we will continue our V-shaped recovery and launch a record-smashing economic boom,” he said.
“We will end the pandemic with a safe and effective vaccine, create 10 million jobs in the first 10 months of 2021, and quickly return to full employment,” Trump said.
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