US Economy Grew by Record 33% in Third Quarter!
October 29, 2020
The US Economy is growing faster than your teenage kids or the weeds in your Fall garden! America is breaking records in July, August, and September (Quarter 3)! Here's the latest news and what it means for Paychecks nationwide:
- We experienced a YUGE 3rd quarter bounceback - The Department of Commerce just announced that the U.S. economy grew by 33.1 percent (which is the largest expansion on record) and this is after FALLING by 31.4% in the second quarter (the largest shrinkage on record.) Let’s goooooo!!!!
- The Trump administration is excited for the growth and taking credit - They say the record economic bounceback is a validation of Trump’s policies to create jobs and opportunities by cutting taxes and reducing regulations and red tape.
- BUT, some think the celebrations are too early: Hold your horses! The economy DID recover a big chunk of pandemic-related losses but it's not fully back. Plus, 751,000 people filed for state unemployment benefits in the week ending Oct. 24. That’s still a drop of 40,000 from the previous week, and the lowest since March, but the unemployment rates remains at 7.9% (basically double the normal rate)
- What does it mean for me?- Certain industries like exports, manufacturing, and real estate seem to be doing pretty darn well right now. Also, car sales and medical spending are bouncing back as people reschedule doctor's visits and replace their old beater cars. but in most places restaurants and retail jobs are on financial life support! Not everyone is feeling the bounceback vibes equally.
- Paychecks all over are wondering, what’s next? As of now, politicians and economists are gonna use this data to their advantage, everyone gets that. The question is will the recovery continue and how will the recovery be impacted by more or less lockdowns and more or less government help (ie. stimulus, taxes, etc.) Time will tell!
With that in mind, we need everyone to speak up and vote for both the local AND national candidates who have the best interests of your paycheck in mind!