⁍ The Bureau of Economic Analysis will release the latest U.S. gross domestic product report on Thursday.
⁍ It may be the most fought-over piece of economic data since the measure of broad productive output came into common use in the 1940s.
⁍ Republicans will point to the record-shattering scorecard as evidence that President Donald Trump is working miracles in getting the U.S. economy back on its feet from the drubbing delivered by the COVID-19 pandemic.
⁍ Democrats backing their party’s challenger Joe Biden will counter it shows Trump is bungling the country’s future.
– The Bureau of Economic Analysis releases third-quarter GDP on Thursday, and it’s expected to show the US economy grew at a record annual rate of 36.2% in July, August, and September, reports the Wall Street Journal. That would be the biggest jump since the second quarter of 2014, and it would follow a record drop of 31.4% in the second quarter. But it would also mark a huge rebound from the first two quarters of the year, when the US was hit with a devastating blow from the coronavirus pandemic. The GDP report is expected to show that the pandemic wiped out about $2.2 trillion in output this year, and if the July, August, and September numbers hold up, the US economy will have regained about 70% of that, reports Reuters. The Journal’s take on the GDP report: “It may be the most fought-over piece of economic data since the measure of broad productive output came into common use in the 1940s.”
Source: https://www.reuters.com/article/us-usa-election-economy-data-graphic/best-of-times-or-the-worst-a-voters-guide-to-us-gdp-idUSKBN27D1FJ