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Economy Surges at Record Rate as GDP Grows 33 Percent

1 ½ min

The U.S. economy grew by a record 33.1 percent in the third quarter of the year as employers continue to restore jobs and the country continues to feel the effects of the coronavirus pandemic.

The Commerce Department figure released Wednesday reflects the rate of decline in U.S. gross domestic product during the third quarter, from July to September. The economy had plunged by 31.4 percent in the second quarter, a record drop caused by government measures to combat the spread of COVID-19, according to the Associated Press.

The economic figure, which is the Commerce Department’s advance estimation of gross domestic product, comes as good news to President Donald Trump, according to The Financial Times. Americans consistently have approved of Trump’s handling of the economy throughout his presidency, The New York Times reported.

In a recent Pennsylvania speech, Trump said the nation is “having a Super V,” meaning a strong V-shaped economic recovery from the low of the pandemic.

“Wait till you see that number in GDP,” Trump said, The Financial Times reported. “I’ll take 25% right now. I’ll take 15 right now. I think the record was like seven or eight.”

Economists forecasted a 31 percent rise in GDP, the newspaper said.

An Oct. 6 CNN poll showed Americans are split evenly on whether Trump would be better for the economy than Democratic presidential candidate Joe Biden. It represented a drop in support for Trump’s handling of the economy compared to the rest of his presidency.

The positive economic news comes as many states have been hit with a fresh surge of coronavirus cases, according to The COVID Tracking Project. The U.S. reported 78,661 new coronavirus cases and 1,025 new coronavirus deaths Wednesday.

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This article has been republished with permission from The Daily Signal.

Image Credit: 

Pixabay

Thomas Catenacci

Thomas Catenacci is a fellow at The Daily Caller News Foundation.

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