U.S. GDP grew at record 33.1% annualized rate in 3rd quarter, as Economy Roars Back from COVID....

justthenews ^ | 10/29/2020 | Carrie Sheffield

[caww]

New third quarter 2020 economic numbers Thursday show record growth, 'confirming' a rapid, 'V-shaped recovery' from the nationwide economic shutdown induced in the spring in response to the spread of COVID-19.

The Federal Reserve Bank of Atlanta, the Chicago Fed, the Conference Board, and Goldman Sachs had all expected growth to be between 30% and 35%, on an annualized basis. This level of growth, economists noted, would be the highest in the history of American GDP calculations, which began during the Great Depression.

Laffer called the 30-35% range "a very nice V shaped recovery ... probably the single best quarter ever."

Brooke Rollins, White House acting domestic policy chief, told "Just the News AM" television show on Wednesday that the record Q3 numbers were only made possible through a Trump administration tax and regulatory framework which had already proven itself with record-low unemployment figures among African-Americans, Latinos, women and other groups.

While acknowledging that federal stimulus packages like the CARES Act "had something to do with keeping people's food on their table and in their homes" pending the "incredible comeback of our economy," ultimately, Rollins said, "the real success story here is what President Trump built over the last three and a half years."

[matt04]

If the commie Dem rin state would open up and stop telling their citizens they will die if they get within 6 ft of another human, imagine what the results would be.

[wgmalabama]

Nope. They priced in a Trump victory and a solid recovery. The market is now waiting to see if it’s true. The economy got the shit kicked out of it. Major industries (entertainment, travel, retail, automotive, ....) are down hard. I am very surprised by the stock market response. Many well known brands will be gone in 12 months. I personally think the market was way opportunistic about recovery. I believe COVID aka China communist virus will have a 2-3 year impact on growth. The market will fall. How fast depends on who is president.

[palmer]

I think you are talking about the general trend since the low in March and I am talking about the last week. There was a diouble top, early Sept and mid-Oct. That's not usually a sign of strength. So you might have something of a point.

But the market also rotated away from the weak sectors like travel. Those have only meandered up a little since March-May.

[wgmalabama]

I don’t have a point honestly. I am applying a very limited set of logic rules that I understand to a complex beast that I will never understand. It all seems very irrational to me and I cannot put my head around it. I see many companies coming into a bloodbath financially but the stock market is very close to pre Covid. That just doesn’t add up to me. I don’t see consumers rapidly going back to pre Covid days. I see it taking years.

[Varsity Flight]

The final 1/3 needs Stimulus 2.
More detail to voters of what the Pelosi/ House package is of the blocked Stimulus 2, will solidify this.

[palmer]

Absolutely will take years to get the travel industry back. But people don't sit around waiting for that, they do something else. Somebody invents virtual travel or some sort of safe travel and everybody invests in that. The economy is people making many decisions some good some bad but with incentives to make good ones.

[I want the USA back]

Last quarter, they all blared the same thing: GDP went down about 30% and Trump is to blame.

Think they will give Trump credit this time?