A Fourth Estate® Service

Tuesday, January 19, 2021

US Gross Domestic Product (GDP) Surged a Record 33 Percent in Third Quarter

The United States economy grew at its fastest pace ever in this year’s third quarter as gross domestic product and services produced in the July-September period expanded at a 33.1 percent annualized pace.

The United States economy grew at its fastest pace ever in this year’s third quarter as gross domestic product and services produced in the July-September period expanded at a 33.1 percent annualized pace.

According to a Commerce Department Thursday report, the gain came after a 31.4 percent plunge in the second quarter of this year and was better than the 32 percent estimate from economists surveyed by the Dow Jones.

“It’s obviously good news that the economy bounced back in the third quarter. There’s still a lot of work to do here and the pace of improvement … is going to slow. The stimulus programs that provided much of the economic lift last quarter have expired or are expiring. Fiscal support is diminishing. That is part of the reason that the pace of growth is going to slow from here,” senior economist at Alliance Bernstein Eric Winograd told the media.

The powerful growth pace came after states across the United States shut down large swaths of activity in an effort to stem the spread of COVID-19.

Article © 2020 Fourth Estate® — All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

Recent Articles

National Guard Members Assigned to DC Removed for Ties to Far-Right Groups

US officials reported that two U.S. Army National Guard members have removed from the security mission to secure Joe Biden’s presidential inauguration for their...

Marine Fuel Prices Rise and Use of “Scrubbers” Widen Amid COVID-19 Pandemic

Prices in ship fuel are now rising compared to its downward trend last year due to the global pandemic.Prices in ship fuel are now...

Sixty-Five Year Old Thai Woman Sentenced to 43-Year Prison Sentence for Insulting King

Thailand has sentenced a woman to 43 years in prison on grounds of violating the lese-majeste law.Thailand has sentenced a woman to 43 years...

Doctors and Patients Locked out After Houston Hospital Fails to Pay Rent

Doctors and patients were locked out at The Heights Hospital because the tenant reportedly owed about $400 thousand in rent.Doctors and patients were locked...

Dole Fresh Vegetables, Inc. Recalls Organic Romaine Hearts due to Potential Health Risk

Dole Fresh Vegetables, Inc. recalled a limited number of cases of organic romaine hearts due to potential contamination of E-Coli, a deadly bacteria that...

Get the Daily NewsBrief in your inbox

Related Stories