US economy bounces back, but deeper trends suggest lasting woe | Company

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The US economy has rebounded strongly from the record-breaking crisis at the start of the coronavirus pandemic, according to government figures released Thursday, giving Donald Trump a key talking point days before the election.

According to the Bureau of Economic Analysis, gross domestic product (GDP) grew at an annualized rate of 33.1% between July and September, and rose 7.4% from the previous quarter. The previous record was a quarterly increase of 3.9% in 1950.

Trump was quick to claim the credit, tweeting that the numbers were “the biggest and the best in our country’s history, and not even close.”

Donald J. Trump
(@realDonaldTrump)

The GDP figure has just been announced. The biggest and the best in the history of our country, and not even close. Next year will be FANTASTIC !!! However, Sleepy Joe Biden and his proposal for a record tax hike would kill it all. I’m so glad this big GDP figure came out before November 3rd.


October 29, 2020

But the figures show the United States still has a long way to go to escape the devastation wrought by Covid-19 and has been boosted by additional unemployment payments, business loans and out-of-pocket payments, none of which are was replenished in the fourth quarter.



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