US Economy Records Strongest Growth in History
The economy jumped a massive 7.4% in the latest third quarter, with GDP growing at a stunning 33.1% annualized rate, as much of the nation began opening its doors after an unprecedented economic shutdown.
The economy is now nearly back to its pre-pandemic levels, a stunning feat in that it proves predictions for a V- shaped were indeed correct.
More good news came in the way of weekly jobless claims which logged a 7-month low, suggesting that hiring has continued despite the recently reported uptick in coronavirus cases.
Bottom line: the economy is improving. And whether it will continue to do so in the new year may come down to the political environment.
How Economy and Markets Will React To Biden or Trump Win
A Biden win, especially if coupled with a Democratic Senate is expected to act as a drag on the economic environment via higher taxes for individuals, businesses and investors. Meanwhile, JPMorgan predicts a record level of 3900 on the S&P should Donald Trump win the election.