US economy posts record growth

The US economy grew at a record pace in the third quarter of 2020, after the government injected more than $ 3 trillion in stimulus packages to mitigate the impact of the Corona pandemic, which supported consumer spending.

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On Thursday, the US Department of Commerce said in a preliminary report that gross domestic product (GDP) grew 33.1 percent year-over-year in the last quarter. It’s the fastest pace since the U.S. government began keeping records of this data in 1947, and it follows a historic contraction of 31.4 percent in the second quarter of this year.

But the report, which is one of the last important economic indicators ahead of next week’s presidential elections, will not have a positive impact on the human tragedy caused by the pandemic as tens of millions of Americans have lost. their jobs and the pandemic has claimed the lives of more than 222,000 citizens of the country.

Economists had forecast 31% growth in the US economy from July to September 2020.

The number of Americans claiming new unemployment benefits fell last week, as the US Department of Labor said today in a separate report, which found the total number of new claims unemployment reached 751,000 for the week ending October 24, down from 791,000 the week before.

Source: “Reuters”

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