Trump overjoyed at 33.1pc economic rebound ahead of battleground pitchBusiness | 29 Oct 2020 10:08 pm
The US President Donald Trump, who will campaign in the crucial state of Florida on Thursday is delighted at the massive rebound in the economy in the third quarter.
He tweeted: “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. ''
The U.S. economy grew at a sizzling 33.1 perccent annual rate in the July-September quarter — by far the largest quarterly gain on record — rebounding from an epic plunge in the spring, when the eruption of the coronavirus closed businesses and threw tens of millions out of work.
Yet the recovery from the deepest recession since the Great Depression of the 1930s remains far from complete. The Commerce Department’s estimate Thursday of third-quarter growth regained only about two-thirds of the output that was lost early this year when the economy essentially froze as safety orders forced restaurants, bars and many retailers to shut down.
Trump and challenger Joe Biden will appear in Tampa hours apart on Thursday, visiting the western end of the state’s Interstate 4 corridor, the area known for its rapid residential growth, sprawling suburbs and status as an ever-changing, hard-fought battleground during presidential elections.
Trump spent Wednesday in Arizona, where relaxed rules on social distancing made staging big rallies easier. Thousands gathered in close proximity without wearing masks — a trend that was expected to continue through more than a dozen events in the final sprint to Election Day.-The Standard/AP