We know where the USA economy lives and it is small businesses and a service economy.
SARS-CoV-2 is a disabling virus. It disables the economy and it disables survivors of it's attack on the human body. Nothing has changed with what works to avoid infection of this virus. Social distancing was in play this summer when restaurants moved to the street and provided an outdoor venue. This improved their income from the take out and delivery already at work.
This uptick in GDP is not growth, it is partial recovery from the fact SARS-CoV-2 was allowed to infiltrate throughout the USA.
The American people with their stimulus behind them found a return to a new form of business, one modified for social safety. The people and their love of life fueled the third quarter partial recovery.
GDP reflects many things. This partial recovery also includes increased spending for healthcare and funerals. Over 200,000 Americans are dead. That is greater than any war in US history. As morbid as it is to say, there is economic spending that goes along with that, too.
I remind during this same period of time there were airlines hurting from the lack of travel from abroad. So, while the summertime economy was good, it wasn't great.
By Ben Winck
Just as the coronavirus' toll drove a record plunge in economic output, (click here) the US's summer recovery fueled the largest-ever jump in gross domestic product.
US gross domestic product grew at an annualized rate of 33.1% in the third quarter, the Commerce Department said on Thursday. The reading marks the largest output gain in recorded history, based on data going back to the 1940s. It came in roughly double the next-biggest jump seen in 1950. Economists surveyed by Bloomberg expected a 32% gain.
The reading represents how much the economy would've grown had the third-quarter rate lasted for a year. It's a sharp reversal from the second quarter, which saw a 31.4% annualized rate of contraction.
Thursday's figure is also the first of three estimates published by the Commerce Department, and could be revised in the coming months.
US gross domestic product grew at an annualized rate of 33.1% in the third quarter, the Commerce Department said on Thursday. The reading marks the largest output gain in recorded history, based on data going back to the 1940s. It came in roughly double the next-biggest jump seen in 1950. Economists surveyed by Bloomberg expected a 32% gain.
The reading represents how much the economy would've grown had the third-quarter rate lasted for a year. It's a sharp reversal from the second quarter, which saw a 31.4% annualized rate of contraction.
Thursday's figure is also the first of three estimates published by the Commerce Department, and could be revised in the coming months.
