US economy reports record-breaking growth in third quarter, yet pandemic scar to last

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US economy reports record-breaking growth in third quarter, yet pandemic scar to last

On Thursday, in the last major fiscal bulletin board before next week’s election day, US Commerce Department reported that the US economy grew at its steepest pace ever over the third quarter of the year as a $3-trillion Government stimulus alongside policy easing from the US Federal Reserve appeared to have fuelled up the consumer spending, though the still deepening inflammations stemmed off the pandemic’s fiscal fallouts might require years or more to heal.

In point of fact, according to US Commerce Department data released earlier on the day, the US GDP (Gross Domestic Product) had skied up by 33.1 per cent over the third quarter of the year compared to the same time a year earlier, though the US economy’s third-quarter growth held little significance at this standpoint, since the US Government had failed to reach another stimulus deal with the Democratic Congressional lawmakers which in effect had already evaporated a large slice of past quarter’s gains.

On top of that, a rise in the laid-offs in context of a clattering pandemic resurgence had fanned up the flames further, as tens of millions of Americans have still been making their ends meets through state unemployment benefits.

US economy grows at record pace in Q3, 2020

Aside from that, although the record third-quarter growth in US GDP meant little since a lion’s share of them had been meaded out of a $3 trillion stimulus bill that had largely weighed on US budget deficits for the fiscal year that ended on September 30 while the US Government had recorded its largest ever deficits of $3.1 trillion, yet the figures could prove to be pivotal for the Republican US President Donald Trump, suggested analysts.

Meanwhile, followed by the release of the report, touting a strident tone over the United States’ economy recovery from the pandemic-led slump, Trump wrote in a tweet, “Biggest and Best in the History of our Country, and not even close.

So glad this great GDP number came out before November 3rd. ” In tandem, beaconing at the flipside of the coin, Trump’s Democratic challenger Biden said, “We are in a deep hole and President Trump’s failure to act has meant that third-quarter growth wasn’t nearly enough to get us out of (it).

The recovery that is happening is helping those at the top, but leaving tens of millions of working families and small businesses behind.