United States Posts Record Economic Growth
by Bill Flores on November 3, 2020 at 9:04 AM
This week, the Department of Commerce announced a record economic expansion of 33.1% in the third quarter, the largest economic growth in the history of the United States. With the historic third-quarter growth, the United States in a single quarter has now recovered two-thirds of the economic output lost due to the pandemic during the first half of the year. These historic numbers showed growth across nearly all sectors, including those which were hardest hit by COVID. Third-quarter spending on recreation, food, and accommodation services accounted for one-fifth of total GDP growth in the third quarter.
These economic numbers are also higher than the recovery that took place after the 2008 Great Recession, where it took four times as long for the economy to recover to a similar position. While the economy had a sharp decline in the second quarter due to shutdowns throughout the country, today’s news is a clear sign that President Trump’s policies and leadership will get the United States back to our historic pre-pandemic economic levels.