GDP numbers how economy recovering from pandemic, but expected to shrink for the year

ABC "News" / Disney ^ | October 29, 2020 | By Catherine Thorbecke

[Oldeconomybuyer]

Two sets of data released Thursday by the government paint different pictures of an economy entrenched in the middle of the coronavirus crisis.

Third-quarter GDP grew at a record 33.1% annualized rate, indicating the economy significantly clawed back losses over the past three months. The massive gains come as "efforts continued to reopen businesses and resume activities that were postponed or restricted due to COVID-19," the Commerce Department said.

The explosive growth, however, comes on the heels of a record-setting drop in Q2 GDP.

Economists warn that the fresh data should be looked at in context.

"The rebound in Q3 GDP must be viewed in the context of the expectation that the full year will likely still see a contraction, once the final figures are in," Mark Hamrick, senior economic analyst at Bankrate, said in a statement to ABC News. "The rise occurs off the base of a smaller economy after the historic Q2 contraction."

He went on, "There’s a high level of uncertainty associated with growth in the current quarter, including the risk that consumers opt to spend more time in their homes, and less money out and about, in the coming weeks to avoid the virus. Growth remains lower than where it ended 2019, which means it isn’t yet time to hang the mission accomplished banner."

[Oldeconomybuyer]

[AU72]

Four paragraphs to downplay the good news.

[fhayek]

I am sure they were all-fire concerned about “context” when the economy tanked in the second quarter.

[dirtboy]

It is amazing how, spontaneously, all the MSM outlets have the same “33%, but....” headlines.

[Army Air Corps]

Recovery is Poverty!
Freedom is Slavery
War is Peace!
Ignorance is Strength!

[ConservativeMind]

Uh, the world went through COVID-19.

It is amazing we are doing as well as we are, especially with so many malicious Democrats tormenting and killing their constituents.

[alloysteel]

“Shrinking” from the very highest achievement EVER of American growth and prosperity, is still head and shoulders above anything predicted for the future of America as of last April. The four-wheel-drive just jolted in and out of a rut on a very narrow and rough jeep road. But we are still on track.

And climbing.

[kaktuskid]

An unnecessary shutdown....it didn’t stop the virus

[adorno]

"The rise occurs off the base of a smaller economy after the historic Q2 contraction."

If Biden or Obama were presiding over the current economy, the 33% increase would have been called, 'unprecedented', 'unexpected growth' 'insanely productive', 'the greatest growth in history', proof positive that democrat policies work as advertised, and would not have mentioned the decline from the virus.

But, Trump is the president who made it all happen.

And, btw, ABC acknowledging that growing back to what we had before the virus struck, shows that they know that Trump's economy was and is the best in history.

[V V Camp Enari 67-68]

The negativity on what is good is so, so predictable!

[Republican Wildcat]

Unreal.

This is remarkably good news reported as a negative. Essentially lying.

Not unexpected, but still frustrating.

[jpallenjd]

Looks Like ABC and the networks got the 4:00AM DNC Talking Points Memo, right on schedule...journalism is dead in America

[libertylover]

Third-quarter GDP grew at a record 33.1% annualized rate

Imagine the press if that had happened under Obama.

[dsrtsage]

I still find it amazing how right after the failed coup and everybody in the news kept crying that nothing will take Trump out short of a world level take down of the economy could take out Trump, that over night that exact thing magically happened

[kempster]

Clearly the most Pessimistic Optimism I have ever heard. It’s Disney and they are a cartoon.

[Buckeye McFrog]

GDP numbers how economy recovering from pandemic, but expected to shrink for the year

Well DUH! It freakin' flatlined in April. On purpose.
Are these people stupid?

[lepton]

GDP numbers how economy recovering from pandemic, but expected to shrink for the year

---

So how are the numbers of not-employed now compared to the end of the Obama administration? That number had increased by roughly 13 million between the bottom of the 2009 recession, and the end of 2016, and is the real secret to Obama’s deceptively low unemployment numbers.

[lepton]

If Biden or Obama were presiding over the current economy,...

---

...it wouldn’t be our current economy, and the 9% growth would be heralded as unprecedented.

[familyop]

If President Trump is reelected with Republican congressional majorities, we’ll probably see more than a full recovery soon. I hope that happens long before the epidemic subsides, so we can see wonderful growth in truly productive industries and an end to this stinking “service economy” slavery.