The US Bureau of Economic Analysis (BEA) released its initial estimates for GDP growth in the 3rd Quarter and the result crushed all previous records!
The BEA estimates that the 3rd Quarter of 2020 recorded the largest quarterly GDP increase in US history. Today’s estimates show the US GDP increased by 33.1% for the quarter.
The BEA reports:
Real gross domestic product (GDP) increased at an annual rate of 33.1 percent in the third quarter of 2020 (table 1), according to the “advance” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP decreased 31.4 percent.
