U.S. economy grew at record pace in 3rd quarter at 33.1% annual rate
Updated: 2020-10-30 13:16:30 KST
The U.S. economy grew at a record pace in the third quarter.
Its gross domestic product a measure of the total goods and services produced in the July-to-September period showed an annualized rate of 33.1 percent.
That's the highest figure since 1947 when the Commerce Department began compiling the data.
This follows the worst quarter in history, when the American economy plunged 31.4 percent due to a COVID-19 related disruption to businesses.
Experts attribute the rebound to the reopening of the economy and rising domestic consumption.
More than 3 trillion dollars of pandemic aid has also contributed to the boost.
The figures which come just five days before Election Day, is good news for President Trump, who had repeatedly promised a return of strong pre-pandemic era growth.
On the back of the positive economic data, Wall Street rebounded, with U.S. stocks closing higher on Thursday.
"We're having a little bit of an interruption right now, but it's an ongoing bull market. We have a long way to go."
The trend is expected to continue in the fourth quarter.
But the pace could drop, experts say, based on a diminishing stimulus package and reduced fiscal support.
Also potentially taking its toll on growth is the resurgence of the virus that's spreading nationwide.
In the meantime, a tougher road lies ahead for recovery in the job market, with 12.6 million Americans still out of work.
The unemployment rate remains at 7.9 percent far higher than the 4.8 percent when Trump took office.
Lee Kyung-eun, Arirang News.