The nation’s gross domestic product, the value of all goods and services produced in the U.S., increased at a seasonally adjusted annual rate of 33.1% in the July-September period as consumer and business spending soared, the Commerce Department said Thursday. Economists surveyed by Bloomberg had forecast a 32% jump in GDP.
But while business reopenings fueled a vigorous rebound, it doesn’t offset the prior loss because the economy was smaller after the big drop. The nation’s third-quarter GDP was still about 3.5% (non-annualized) below its pre-virus level in late 2019. GDP isn’t expected to return to its pre-pandemic level until late next year, according to economist Gus Faucher of PNC Financial Services Group.
The good: As of this morning, 78.2 million Americans had voted, a number equal to 56.7 percent of the 2016 total vote.
The bad, from CBS: "The U.S. saw nearly 79,000 new virus cases on Wednesday – coming close to an all-time daily high reported last week – as more new cases were reported globally than ever before: more than 530,000, according to Johns Hopkins University."