Maris Research

U.S. GDP Rebounded in the Third Quarter

Share on facebook
Share on facebook
Share on twitter
Share on linkedin

The U.S. economy rose at the fastest rate on record in the third quarter of 2020 as the economy recovery took hold. Real GDP in the third quarter was close to the pre-recession level, but further recovery is needed.

According to the “advance” estimate  released by the Bureau of Economic Analysis (BEA), real gross domestic product (GDP) increased at an annual rate of 33.1% in the third quarter of 2020, following two consecutive decreases in the first quarter (-5.0%) and the second quarter (-31.4%). This quarter’s rate marked the fastest growth rate on record since the quarterly GDP data first was tracked in 1947 and was above NAHB’s forecast of a 25.6% increase.

The COVID-19 recession is singular. In the second quarter of 2020, national shutdowns and restrictions plunged the U.S. economy into the worst recession since World War II. In the following quarter, from July to September, reopening economic activities strengthened the U.S. economy significantly and real GDP grew at an unprecedented pace. However, the recovery remains incomplete, with additional gains challenged as the COVID-19 cases increase and uncertainty grows over health, policy and economic factors.

The increase in real GDP in the third quarter of 2020 reflected

... continue reading 3rd party author's post at source website


Can't Get Enough Freebies? Subscribe to our Newsletter!

We will send you free research and analysis summarized at the end of each month.


More Articles.

Department of Energy Launches Minerals Sustainability Division to Enable the Ongoing Transformation of the U.S. Energy System and Help Se…

Washington, D.C. – Today, the U.S. Department of Energy (DOE) announced the establishment of a Division of Minerals Sustainability to bring an increased focus to securing a U.S. critical minerals supply chain that will transform the U.S. energy and manufacturing systems to make them cleaner, more resilient, and more secure.   “Improving the domestic availability and

Read More »

Get content like this sent directly to your inbox!

Follow OnceBurned

Share on facebook
Share on twitter
Share on linkedin
Scroll to Top