U.S. economy has record breaking third quarter growth
BISMARCK, N.D. (KFYR) - The U.S. economy surged in the third quarter following business reopenings from the pandemic. However, market experts say the record-breaking growth doesn’t mean we’re in the clear.
Gross domestic product, which is the measure of goods and services produced across the economy, surged by 33.1% from July through September, according to Commerce Department data.
The increase beats any post-World War II record. However, the economy contracted by 31.4% in the previous quarter, which was the sharpest decline recorded in modern American history.
Experts say this essentially puts us back where we were before the pandemic began influencing the economy.
“I don’t think we’re in the clear yet. I think we’ve got a long ways to go-- especially when you look at things like airline industries, travel and leisure industries. We’re nowhere near where we were a year ago at this time,” said David Wald with Securian Financial Services.
Wald says we haven’t completely made up our losses.
The economy remains 3.5% smaller than at the end of 2019. However, Wald says the growth percentage shows the resilience of the U.S. economy and should give people hope.
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