The U.S. economy rebounds in the third quarter but is still below pre-crash levels
Xinhua News Agency, Washington, October 29 (Reporter Xu Preliminary data released by the US Department of Commerce on the 29th showed that after a record drop of 31.4%in the second quarter of this year, the real gross domestic product (GDP) in the third quarter increased by 33.1%at an annual rate, but it was still lower than the new crown. The level before the outbreak.
Analyzed by market observers, the U.S. economy in the third quarter rose sharply due to short-term stimulus such as the reopening of businesses and rising consumer spending. But even with a strong rebound, the US real GDP in the third quarter was still 3.5%lower than the peak before the epidemic, and 2.9%lower than the same period last year.
Data shows that in the third quarter of this year, personal consumption expenditure, which accounts for about 70%of the US economy, increased by 40.7%, becoming the main driving force for economic growth in the quarter. Non-residential fixed asset investment, which reflects the investment status of enterprises, increased by 20.3%, but did not offset the 27.2%decline in the previous quarter.
With the expiration of a number of federal spending plans launched in response to the epidemic, the US federal government’s third quarter spending fell by 6.2%. In the previous quarter, federal government spending increased by 16.4%.
According to data released by the US Department of Labor on the 29th, as of the week of October 24, there are still 751,000 people applying for unemployment benefits in the United States for the first time. Compared with before the epidemic, there are still nearly 11 million employed people in the United States who have not returned to work.
Analysis shows that the recent increase in the number of confirmed cases of the new crown in the United States and the deadlock in the new round of fiscal stimulus negotiations between the two parties in Congress may further drag the US economy and delay the full recovery.
U.S. Department of Commerce usually estimates quarterly GDP data three times based on continuously improving information. The final revised GDP value for the third quarter will be announced on November 25.
Editor in charge:Zhou Jingjie