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Politics : Formerly About Advanced Micro Devices
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To: Wharf Rat who wrote (1274286)10/29/2020 1:45:47 PM
From: Wharf Rat1 Recommendation   of 1583428
 
Record-breaking GDP growth leaves U.S. economy in the same place as the height of the Great Recession
11:27 a.m.

America just posted its biggest annualized and single-quarter GDP growth of all time. It isn't that impressive.

The U.S. GDP jumped at a 33.1 percent annualized rate in the third quarter, a growth of 7.4 percent from Q2, Commerce Department records released Thursday reveal. But as Gregory Daco, the chief U.S. economist at Oxford Economics, put it in a tweet, that growth is both "record-breaking and meaningless at the same time."

It's true that the 7.4 percent GDP rise from Q2 to Q3 is a record. But it also comes after a record contraction from Q1 to Q2, and a total loss of 10.3 percent
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