U.S. reports HISTORIC GDP growth five days before the Presidential election
October 29, 2020
The United States economy recorded the largest GDP growth in history in its third quarter, with an astonishing 33.1 percent just five days before the Presidential elections.
It’s fantastic news for incumbent President Donald Trump, whose campaign staple is increasing job growth nationwide, bringing jobs back to America and promising to overcome the hardships brought on the economy by the novel Coronavirus outbreak that has forced economies to contract around the globe.
White House Chief of Staff Mark Meadows told Fox News host Maria Bartiromo Thursday that “this president is committed to job creation of all Americans.” He touted the success of the third quarter GDP.
The Commerce Department, which published the report, said the growth marks the largest output gain in recorded history. It is based on data going back to the 1940s and came in at roughly double the next-biggest jump seen in 1950, according to Business Insider.
The reading represents how much the economy would’ve grown had the third-quarter rate lasted for a year. It’s a sharp reversal from the second quarter, which saw a 31.4% annualized rate of contraction.
Thursday’s figure is also the first of three estimates published by the Commerce Department, and could be revised in the coming months.
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