This record GDP growth, released by the Commerce Department on Thursday, the latest major economic report ahead of next Tuesday’s presidential election, does not dampen the human tragedy caused by the coronavirus pandemic, which left tens of millions of Americans unemployed and more than 222,000 died.
The US economy is still 3.5% below its level at the end of 2019, and revenues collapsed in the third quarter.
However, President Donald Trump, who is behind Democrat Joe Biden in opinion polls, welcomed the result.
“The biggest and best in the history of our country (…). I’m so happy that this GDP data came before November 3rd, “Trump wrote on Twitter.
His Democratic opponent, Joe Biden, pointed out that the recovery is not complete.
“We are in a deep pit, and President Trump’s inability to act means that the third quarter advance was not even enough to get us out of it. The recovery that is taking place is helping those at the top, but tens of millions of working families and small businesses are being left behind, ”Biden said.
The recovery in GDP came after a 31.4% contraction in the second quarter, the worst since the government kept track of the indicator in 1947.
In annual terms, GDP rose by 7.4% in the third quarter, after declining by 9% between April and June.
The recovery of the economy recovered about two thirds of the 10.1% decrease recorded in the first half.
Analysts interviewed by Reuters had predicted that GDP would advance by 31% between July and September. The economy went into recession in February.