U.S. GDP booms at historic 33.1% rate

U.S. GDP accelerated at a 33.1% annualized pace in the third quarter, the Commerce Department reported Thursday in its initial estimate for the period, outpacing expectations.

A surge in business and residential investment along with stronger consumer activity helped the economy off its COVID-19-decimated worst-ever quarter in Q2.

Jeff Cox for CNBC:

U.S. GDPComing off the worst quarter in history, the U.S. economy grew at its fastest pace ever in the third quarter as a nation battered by an unprecedented pandemic started to put itself back together.

Markets reacted positively to the news, with Wall Street now looking at a flat to slightly positive open.

The powerful growth pace came after governments across the country shut down large swaths of activity in an effort to stem the spread of COVID-19… The economy has been in a technical recession since February, as first-quarter growth declined at a 5% pace.

[Said] James McCann, senior global economist at Aberdeen Standard Investments, “The reality is that the GDP numbers demonstrate that the U.S. economy did indeed rebound strongly as lockdown measures were lifted.”

Personal consumption increased 40.7%, while gross private domestic investment surged 83% amid a 59.3% increase on the residential side.

Economic activity was strong in the real estate sector, and consumer and business executive surveys showed that confidence has remained high about the future despite the virus-related setbacks.

MacDailyNews Take: Q2 2020 and Q3 2020 will forever stand out on the graph of U.S. GDP, that’s for sure!


    1. So ignorin for a momentg that 2020Q1 was down too and just going with Q2 and Q3:
      If the economy were at 100 at the start of Q2 then a 31.4% drop would take it to 68.6. The subsequent gain of 33.1% would take it back up to 91.3. That’s still a net loss of 8.7% for the two quarters alone.

      Now if we include 2020Q1 which had a drop of approximately 2.6% then the total, net value at th
      That’s a total loss of
      Things are not as simple at looking at things simply quarter by over 11% for the year so far. quarter.e end of 2020Q3 versus the end of 2019Q4 is 88.93 (for 2020Q3) out of the 100 (for 2019Q4).

      Yes, coming back at a strong growth in 2020Q3 is impressive, but an 11% drop so far this year should not mke anyone happy.satisfied

      1. Note that I used a 2020Q1 drop of 2.6% that I got from a U.S. Gov site, not the article’s 5%. If I used that 5% drop in 2020Q1 then the overall drop for calendar year 2020 so far (up through the end of September) would have been over 13.2%.

      2. Yes, the fact that the US intensionally shut down almost all of it’s production for several months, and for political reasons many States are still almost completely shut down, and that we only have an 11% drop is absolutely incredible. The Covid drop makes the 20008 drop pale in comparison, and Obama took almost 8 years to recover, while Trump has wildly better numbers in less than 3 months.

        Lets drop Trump in favor of Biden, so we can all re-live the good ole days of the “misery index”, off-shored production, energy dependence, pleasurably high unemployment, cheap labor from illegal aliens, China-first policies, self-inflicted friction on our economy, globalistic crippling regulations and wonderful government dependence.

        While you are at it, please name one socialist country where you would choose to live, or that has anything resembling a “Bill of rights”, guaranteeing you a right to protest government policies that you disagree with. And ixnay on the Sweden thing. They are most decidedly NOT a socialist country.

        Better yet, name one Marxist country that doesn’t have border walls to keep their hysterically happy inhabitants inside their borders.

        I’ll wait.

    2. Only Trump (and his GOP sheep) would call a net drop in GDP a yuge win.

      I get it. He was supposed to be the saviour. Didn’t work out.He’s so corrupt, incompetent, disinterested, and inhuman that the results are disproportionately hurting the very people who voted for him.

      If you’re an Apple shareholder with two homes and a boat, I guess four more years might be wonderful. But if you’re an American first, it’s time to move on.

      1. Voting for Biden because you don’t like Trump is like easting dog shit became you don’t like broccoli.

        If you assume that I am a racist for supporting Trump, I will assume you touch children because you support Biden

        KAMALA HARRIS Flashback:
        Kamala Harris said she believed women who accused Biden of inappropriate touching
        ‘I believe them, and I respect them being able to tell their story and having the courage to do it’

        Great choice for VP. Apparently its ok for a president be a molester if you want to be VP.

        Apparently putting “black” and “female” as requirements instead of qualifications is ok by the libturds!

        Watch all the stupid libturds rejoice now!!!!!!!

        America is not divided by race color, gender or sexual orientation.
        America is divided by wise people and idiots.
        And idiots divide themselves by race color, gender and sexual orientation. Democrats are millions of times more racist than Republicans.

        Who owned slaves? Southern Democrats.
        Who fought to end slavery? Republicans.
        Who freed the slaves? A Republican.

        Who created gun control to keep blacks from owning guns? Democrats.

        Democrats created and fuel Antifa. ANTIFA Profile:

        Violent, unstable personal background
        Clear pattern of sociopathic activity
        Hard left (Communist) political ethos
        Unkempt physical appearance, featuring filthy black clothing, skin piercings, tattoos, foul odor.
        Perpetually non-productive, non-contributing. They don’t work. They parasitically subsist on government “welfare” and thievery.
        Extensive arrest/incarceration record. Hordes of these ANTIFA clones, manufactured by our leftist public “education/indoctrination” system, are “in-action” in all major US metro areas, Western Europe, and the UK. They’re bussed-around by sleazy, leftist politicians who use them to terrorize political opponents.

        They enthusiastically share a vile hatred of “everything West,” and a nihilistic goal of destroying all trappings of Western Civilization, history religion, economy, infrastructure.

        Being absolutely amoral (like the leftist politicians who support them), they are extremely dangerous and have no compunction about committing vandalism, theft, mayhem, murder!

        This is just one of hundreds of ways that Democrats are destroying this country. Nothing is beneath those pieces of shit. Only an idiot would vote for democrats.

        Pelosi, AOC, Omar, Waters, Schumer, Wilson and soooo many others.
        These people are vile, despicable and pathetic will do anything and everything to destroy this country and try to blame Trump for it in order to win elections.

        Collusion was a lie and Democrats knew it.
        Impeachment was a farce and Democrats knew it.
        Testimony against Kavanaugh was all lies and Democrats knew it
        Nothing is beneath those pieces of shit. Only an idiot would vote for democrats.

        EVERY voting anomaly favors Democrats. Coincidence? They lie, cheat and steal. They are frauds. Nothing is beneath those pieces of shit. Only an idiot would vote for democrats.

        Every major city is a cesspool and they are all run by Democrats. Democrats are letting their cities burn and business are allowed to be destroyed. There are no arrests and criminals are being let out of prison, they then persecute cops and prosecute honest Americans trying to protect their families. The openly support violent criminals and hate honest Americans. They are despicable pieces of shit. Only an idiot would vote for democrats.

        Democrats did everything they could to slow and stop aid to Americans during Covid. They continue to do so to destroy the economy so they can blame Trump to try to stop his unstoppable re-election. They don’t care how many Americans they hurt to do it. They are despicable pieces of shit. Only an idiot would vote for democrats.

        Democrats support illegal immigrants because thinking Americans don’t vote Democrat anymore. They steal money from the mouths of Americans to give to illegals.
        After 3.5 years and 40 contenders, Democrats picked a corrupt, racist, dementia patient????? Biden can’t form a single coherent sentence. Only an idiot would vote for him.

        Dems lie when they call Trump a racist, but they support Dementia Joe, who is a proven racist. Here’s just one proof, there are many more: https://www.snopes.com/fact-check/biden-racial-jungle-quote/
        How stupid can you people be?

        American are disgusted by the left’s lies, stupidity, threats and violence. Democrats are despicable pieces of shit. Only an idiot would vote for them.

        1. @HAL
          ‘Voting for Biden because you don’t like Trump is like easting dog shit became you don’t like broccoli’

          Ummm dumbass, its more like …..Voting for Biden because you don’t like Trump is like easting broccoli because you don’t like dog shit.

          Maybe broccoli is not your favourite thing to eat but we all know it is good for you, and will strengthen your body and mind. Which is what we all need now during this pandemic….hence we need Biden, not more dog shit…..

            1. Let us also keep things in perspective….in the previous three months the economy contracted at an annualized, seasonally adjusted rate of 31.4%…..so…whoop-de-doo. I fell down and got back up. I am glad it happened but you basically got back what you lost. Unfortunately for families and the working class, the economy is going to tank again in this quarter because guess what, the price you paid for recovering is the economy tanking again. Welcome to yo-yo land.

        2. Comprehensive roundup that make all points how much Democrats have drifted from representing the working common man and woman to batsh*t leftist extremists. As you pointed out they have no problem supporting liars, thieves enriching themselves and zero morals as long as they win an election and satisfy their thirst for power and money…

            1. Parrots cannot think and only mimic what they have heard. Parrots everywhere are shouting we love Mr. President and four more years!… 🤣🤣🤣🤣🤣

    1. Herman Cain is dead and Kanye is on a different planet and

      91% of Blacks won’t vote for the ass…
      80% of Jewish people won’t…
      75% of Hispanic’s won’t….
      75% of Asians won’t…..

      The election is in hands of the wannabes (who actually do pay federal income taxes) but who think they are going to be rich someday (they won’t).

    1. The crisis isn’t that Trump is a con man. A healthy democracy would have little to fear from Trump. The crisis is that half the country is hell bent on dragging the other half into the con, when they know full well that is what it is.

    2. Libs like to give the conclusion (Trump is a ) rather than giving the facts, and letting the reader derive the conclusion. Please provide facts, and let reasonable people derive the conclusion.

  1. To John:

    And why exactly is President Trump a con man? And how is he worse than Joe Biden who’s been milking his public servant position for almost 50 years to enrich his entire family via unethical means?

    1. nsapap:

      If you honestly don’t know by this time, then you have been conned.

      trump is a pathological liar driven solely by self-interest, the least ethical president in American history by far.

      he has monetized the presidency for personal gain at the expense of the national interest.

      his claims about Biden are just more lies, and your acceptance of them sadly underscores how effective he is as a con man, if not as a president.

        1. Hal, of all your other repressed personalities, which one is the most dominant? GoeB, Women for Trump, Sarah, Becky (both your female sides) or FT? Personally I think it is FT and I think he is the smartest of the bunch although he is too much up Trump’s colon. You should let him out more since you are at the other end of the spectrum….in your words…a “fscking idiot’.
          One question though, are you all going to still haunt these discussion groups after Tuesday night? My expectation is that all your multiple personalities will fight each other, become one and flip to the other side, become a democrat and support Biden.
          Don’t mind me, I am just here to embarrass George…..

      1. An idiot would ask about the finances of a multi millionaire who became a politician.

        A smart person would about about the finances of politicians who became a multi millionaires

        Obviously John, you are not a smart person

            1. ““you are a fucking idiot” is far more than he deserves.

              I told him because idiots like him are too stupid to know that they are stupid. They need to be told. I consider it a public service.

        1. So it’s you that gets to decide which crook is better? Ignore that in reality the money people and the political have power and enrich themselves. Don’t be so naïve as to try to spout nonsense about one group being better. The thing is trump had 430 million dollars shoved up his ass from daddy and if he have just put in in bonds he would have more money and not be a billion in debt and no where as rich as he claims. Not even a good businessman.

          You really need to pick better talking points.

      2. We knew he was a con man before he was elected and he’s a con man now and has done all that I expected he would. I said back then, imagine Don Corleone as president. Make a crooked man president and you get a crooked president. At least Don Corleone was competent, which trump is not.

  2. It’s very much easier to artificially pump up the GDP when big gubm’nt deregulates to allow you to pollute more which saves cleanup costs, lowering product costs, leading to more sales, leading to increased profits. New consciousness must include the cost to taxpayers to clean up their pollution mess but people forget this corporate Socialist bailout although good, consciencious folks are waking up. I would even use the extreme Conservative word, “woke,” that they are woke to the environmental emergency. Now Black Hats in the Deep State removed the still endangered Gray Wolf from the endangered animal list. That wolf has been shown to be an integral part of the larger ecosystem that forms one of the keys to a just and healthy GDP that does not depend on obliteration and extreme exploitation of natural resources.

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