On October 29, local time, the first estimate released by the US Department of Commerce showed that the actual gross domestic product (GDP) of the United States in the third quarter of this year increased by 33.1% at an annual rate.
The analysis believes that the United States’ third-quarter GDP growth at an annual rate was based on a sharp drop of 31.4% in the second quarter. In fact, because the epidemic continues to worsen, the alarm facing the US economy is far from being lifted.
At present, with the surge in confirmed cases and the difficulty in delivering relief measures, corporate bankruptcies and permanent unemployment increase, the momentum of the US economy is weakening. Many economists predict that it will take at least two to three years for the U.S. economy and employment to return to pre-epidemic levels.