US Economy Grew at 33.1% Annual Rate With 7.4% Growth in GDP in 3rd Quarter

Washington, October 29: The United States Economy grew at 33.1 percent annual rate in the third quarter, i.e., from July to September. It is the largest quarterly gain since 1947. The US GDP grew by 7.4 percent. Notably, the US economy rebounded at an unrivalled pace after dipping by 31.4 percent in the second quarter due to COVID-19 Pandemic.

According to experts, it would take a year to completely negate the effect of the pandemic on the US economy.  The third quarter’s figures topped the estimate of 32 percent. Since the outbreak of COVID-19 pandemic, the US government has poured out more than USD three trillion as a relief package. US Unemployment Rate Falls to 8.4% in August 2020 with Addition of Over 1.4 Million New Jobs: Report.

The economy is still roughly 10.7 million jobs short of recovering all the 22 million jobs that were lost to the pandemic. After the pandemic, the proportion of Americans who are either working or looking for work has sunk to 61.4 per cent, the lowest level since 1976. US Unemployment Drops to 7.9% One Month Before Election Day.

The US is the worst affected country due to COVID-19. Over nine million people have contracted coronavirus so far. Meanwhile, 2.3 million people have succumbed to the deadly virus until now. There are currently, over 2.9 million active cases in the US.  With five days remaining for the US Presidential Elections, Donald Trump would definitely seize the opportunity to highlight the record growth in the economy.

(The above story first appeared on LatestLY on Oct 29, 2020 10:18 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).