US economy rebounds by 33.1pc in third quarter, days ahead of election

Business | 29 Oct 2020 8:38 pm

Coming off the worst quarter in history, the U.S. economy grew at its fastest pace ever in the third quarter as a nation battered by an unprecedented pandemic put itself back together.

The data comes just days ahead of the US elections, where President Donald Trump is campaigning for reelection. 

He tweeted his delight, saying, “So glad this great GDP number came out before November 3rd. ''

Third-quarter gross domestic product, a measure of the total goods and services produced in the July-to-September period, expanded at a 33.1 percent annualized pace, the Commerce Department reported Wednesday in its initial estimate for the period.

That came after a 31.4 percent plunge in the second quarter and was better than the 32 percent estimate from economists surveyed by Dow Jones. The previous post-World War II record was the 16.7 percent burst in the first quarter of 1950.

America’s annualised growth rates are designed to give a longer-term view, to show how the economy would change if one quarter’s growth was extended over a whole year.-CNBC/The Guardian/The Standard

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