The United States economy is bouncing back from the effects of Coronavirus. The Commerce Department released that gross domestic product surged by 33.1% in the third quarter. While the U.S. is still reeling from the lasting effects of the Coronavirus this upward trend is a clear sign the U.S. will be back on track soon.
The Commerce Department calculates the GDP on a quarter-over-quarter basis as if that level of growth were sustained for a full year; in times of huge swings up or down, it can exaggerate both the decline in growth and the subsequent rebound.
Because the third quarter is measured against the second quarter — a historically low baseline — any bounceback at all would appear huge. The U.S. economy came to a near standstill earlier this year to slow the spread of the novel coronavirus, which has infected more than 9 million Americans and killed over 227,000, the most in the world.
The third-quarter growth reported Thursday was spurred by a resurgence in consumer spending, which accounts for roughly two-thirds of the nation’s GDP, as states eased shutdown measures over the summer and employers rehired workers. Personal consumption increased by 40.7%, a record, last quarter. Business investment and housing also posted strong gains.
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The article is an attempt to minimize what it actually means, FUNNY.
When the economy tanked under George Bush it took Obama eight years to get it back to where it had been. President Trump brings it almost all the way back in one quarter and the main stream media criticize him for it! Wow.
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