The U.S. economy under President Trump’s leadership is recovering. And it is not only recovering it is breaking records.
Weekly job numbers also beat expectations with weekly jobless claims totaling 751,000 v. 778,000 expected.
According to CNBC:
Coming off the worst quarter in history, the U.S. economy grew at its fastest pace ever in the third quarter as a nation battered by an unprecedented pandemic started to put itself back together, the Commerce Department reported Thursday.
Third-quarter gross domestic product, a measure of the total goods and services produced in the July-to-September period, expanded at a 33.1% annualized pace, according to the department’s initial estimate for the period.
The gain came after a 31.4% plunge in the second quarter and was better than the 32% estimate from economists surveyed by Dow Jones. The previous post-World War II record was the 16.7% burst in the first quarter of 1950.
Increased consumption along with sold gains in business and residential investment as well as exports fueled the third-quarter rebound. Decreases in government spending following the expiration of the CARES Act rescue funding subtracted from GDP.
The release of the record GDP growth comes just 5 days before election day and could provide a major bump as Trump surges to November 3rd.