U.S. GDP grows 33.1% in third quarter

The release came five days ahead of the US Elections 2020 which will take place on November 3.

On Thursday, the United States economy grew speedily in the third quarter with an increase of 7.4% over the previous quarter and at a 33.1% annual rate. The economy recovered about two-thirds of the ground it lost earlier during the lockdown due to the ongoing coronavirus pandemic.

The release came five days ahead of the US Elections 2020 which will take place on November 3.

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Senior global economist at Aberdeen Standard Investments, James McCann, said, “The reality is that the GDP numbers indicate that the United States economy did indeed recover strongly as lockdown measures were lifted. This is going to be seized upon by both ends of the political spectrum as either evidence of the strength of the post-lockdown economic rebound or a cursory warning that the gains could be short-lived”.

In America. 228,000 people have died due to the COVID-19. The virus has infected nearly 9 million. The USA witnessed 22 million jobs loss in March and April and in the ongoing pandemic as many as 12.6 million Americans are still unemployed.