U.S. GDP soars with record 33.1% rebound in third quarter, setting US economy on track to recovery

The US gross domestic product, the main indicator of economic activity, grew at an annualized 31% rate, a new record indicating the US is on track to economic recovery.

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The GDP had previously dropped by 9% for the second quarter, an annualized 31.4% drop due to restrictive lockdowns in multiple states. 

President’s Trump reelection campaign highlighted the record growth and argued that a Joe Biden presidency would seriously hinder the recovery.

Joe Biden has pledged to raise taxes for what he deems the “wealthy” but has also committed to repealing the Trump tax cut. 

Joe Biden also said he would raise the corporate tax rate, making the United States a less competitive environment to attract capital. 

The S&P showed gains at midday of approximately 90 basis points after experiencing a steep decline yesterday.

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