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Saturday, November 28, 2020

Post a Record GDP Growth, US Braces Up For a Grave Slowdown

October 30, New York: The US Economy recovered the huge loss much during the summers, expanding at a rapid rate in the third quarter, the Commerce Department reported on Thursday. The report definitely called for a celebration, which displayed that during the third quarter, the country’s economy grew at a rate of 33.1%. The numbers are evidencing enough of the powerful one-two punch of a combination of easy money from the Federal Reserve and fiscal stimulus. It is this very amalgamation, which reflects the revival of the economy to a considerable extent. 

Stock GDP: Third Quarter

The third quarter ended up breaking records in recent times. The GDP and Stock market surged at an impressive rate of 33.1% between July and September – faster than the prediction of economists. Interestingly, it was one of the fastest economic growth rates since the tracking of quarterly GDP started back in 1947. The figures represented a strident, partial revival since the previous three months when annual economic contraction adjusted at a rate of 31.4%.

US Economy Aftermath Pandemic

However, despite so much economic recovery, there still remains incomplete to a great extent, especially during the raging pandemic. The devastating economic downturn due to the coronavirus pandemic is still looming large. It continues to pose a substantial threat in the overall economic revival of the US. Especially, as the covid positive cases continue to surge amidst a hullabaloo of vaccine trials and of course the elections. 

Nonetheless, the celebrations need to be under control owing to the obstacles that might arise going forward. It is believed that several hindrances will pose a severe threat to economic recovery. Some economists, in fact, are worried that yet another recession might hit the country leading almost to a collapse. 

Rapidly increasing coronavirus positive cases will definitely be responsible for sluggish economic growth in fall and winter 2020. Hospitality, food industry, entertainment, aviation and several other industries have been hit hard without any near time recovery. 

US Economy We Can Aim For

Attributing reasons for the current administrative situation implies small business might have to consider wrapping up. Apart from that, layoffs to continue while no stimulus check seem to be coming anytime soon to lessen consumers’ pain.

Kiara Dutta
Kiara Dutta comes from an Engineering background, with a specialization in Information Technology. She has a keen interest and expertise in Web Development, Data Analytics, and Research. She trusts in the process of growth through knowledge and hard work.

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