close Video Kudlow: Record-high GDP for 3rd quarter growth ‘exceeded all expectations’ Larry Ludlow, National Economic Council director, discusses record US economy growth on ‘America’s Newsroom.’ Democratic presidential nominee Joe Biden dismissed the U.S. economy’s record-shattering growth as not “nearly enough” to get the country out of a “deep hole” on Thursday. “This report underscores three inescapable truths about Donald Trump’s economy: we are in a deep hole and President Trump’s failure to act has meant that Q3 growth wasn’t nearly enough to get us out of; the recovery is slowing if not stalling; and the recovery that is happening is helping those at the top, but leaving tens of millions of working families and small businesses behind,” Biden said in a statement. US ECONOMIC GROWTH SHATTERS RECORD AT 33.1%, BUT FAILS TO SNAP CORONAVIRUS RECESSION Gross domestic product, the broadest measure of goods and services produced across the economy, surged by 33.1% on an annualized basis in the three-month period from July through September, the Commerce Department said in its first reading of the data Thursday. The previous post-World War II record was a 16.7% increase in 1950. The economy had contracted at an annual revised rate of 31.4% in the previous… Read full this story
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