The experts see this as more of a refection of how bad things where since the virus hit….
The America economy is still in bad shape….
The same experts seem things beginning to slip backwards as Congress stops ‘priming the pump’ with more stimulus and jobless money….They feel this quarter will be worst then the 3rd….
“The reason we had such a big bounce is that the economy went from closed to partially open,” said Michelle Meyer, head of U.S. economics at Bank of America. “The easy growth was exhausted, and now the hard work has to be done in terms of fully healing.”
Already, there are signs that the recovery is losing steam. Industrial production fell in September and job growth has cooled, even as a growing list of major corporations have announced new rounds of large-scale layoffs and furloughs. Most economists expect the slowdown to worsen in the final three months of the year as virus cases rise and federal aid to households and businesses fades.
“We’re having a record recovery, but it comes after an even more record collapse, and it looks like economic momentum is fading in the fourth quarter,” said Jim O’Sullivan, chief U.S. macro strategist for TD Securities….
Note…
The economy figures come from the Trump admin….
A Biden win would have him greeted with a falling economy just like he and Obama had in January 2009….
Paul Krugman
Obligatory tweet on GDP report:
1. Everyone knew it would be a big number
2. It’s telling us about the rapid but partial snapback of late spring/early summer; growth has slowed a lot since then
3. We’re still far from full recovery
4. Nobody cares