Amid global pessimism over the coronavirus pandemic, the United States is one of the few countries that brings some positive news to the world. Among numerous downbeat reports, the news about a record-setting rebound in the US economy stands out.
The third quarter of 2020 turned out to be a real economic breakthrough for the United States. The world's largest economy surged at a blistering pace in the third quarter, expanding by a record 33.1% on a year-on-year basis and 7.4% over the prior quarter. All major sectors are experiencing an upturn. Moreover, this recovery seems to be so steady that analysts expect the country's GDP to rise further. The third-quarter dramatic growth was driven by a sharp 40.7% annual increase in consumer spending, a decline in the number of claims for unemployment benefits, as well as stronger demand in the housing market.
According to former US Treasury Secretary Lawrence Summers, the coronavirus crisis could cost the nation $16 trillion. About half of this amount reflects economic losses the United States has suffered from lockdown and suspended work in some sectors of the economy.
