The economy just experienced its fastest three months of growth in U.S. history.
In the third quarter, from July to September, GDP climbed 33.1% on an annualized basis, according to data released Thursday by the U.S. Bureau of Economic Analysis.
This historic climb follows the U.S. record 31.4% annualized GDP decline in the second quarter, and the 5% annualized decline in the first quarter. During that period economists around the world were in panic and questioning if the United States—as well as the rest of the world—were on the cusp of an economic depression. But once states began to ease lockdown restrictions in the summer, the U.S. economy sprung from deep contraction to high growth.
It’s the last major piece of economic data before Election Day, and President Trump was quick to celebrate the numbers.… Read the rest