American economy: know everything about the spectacular bout of the US economy in the third quarter
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According to the US Economic Analysis Office, US gross domestic product (GDP) increased at an annualized record rate of 33.1% in the third quarter of this year. This record increase follows an unprecedented collapse in the second quarter, when the beginning of the CVIV-19 pandemic resulted in a 31.4% drop in annualized GDP growth, the strongest since 1947. Let's see the factors explaining. This record growth in the third quarter.
The US economy experienced an annualized record rate of 33.1% in the third quarter, quickly recovering some of the significant losses due at the beginning of the coronavirus pandemic, according to data published Thursday by the Ministry of Commerce.
The corrected growth rate of seasonal variations, an early estimate of the department, imply that if the pace of economic growth between July and September was extended over 12 months, the US economy would have increased by about a third. Third. On an annualized basis, the economy has grown by 7.4% in the third quarter.
The United States created 3.8 million jobs between July and September and experienced a sharp increase in consumer spending, particularly for household products. The US business deficit, which is generally reflected in GDP, has also been reduced in September, exporters who have started sending more products abroad.
Glance on the help of the US government
At the end of March, the US government managed to pass a rescue plan of $ 2,200 billion. The program, called Cares (Economic Assistance, Relief and Security for the Coronavirus), provided for $ 250 billion in direct controls to citizens whose salary could reach $ 75,000.
In April, $ 484 billion (about 450 billion euros) were added to help hospitals and small and medium-sized enterprises. In total, Washington mobilized nearly $ 3,000 billion in helping families and businesses, although Care's help ended in May, throwing eight million Americans into poverty, according to a study of the Columbia University.
If during the second quarter, US households have preferred save money from government assistance. Private savings has increased considerably during this period. But for the third trimester, the trend has been quite different. The marginal propensity was largely cried for the quarter to reach up to 70% American GDP.
The increase in US consumption
Consumer spending accounted for $ 12.9 trillion; About 69% of total GDP in the third quarter, up 8.9% from the previous quarter due to the reopening of the stores and the return of workers to their use.
But service expenses such as restaurants, hotels and health care have been replaced by expenses of goods such as cars and furniture, Americans seeking to avoid public transport and embellish their homes.
Some $ 5,100 billion expended for goods accounted for 39.7% of total quarter consumption expenditures, compared with about 36% at the same time last year, while services accounted for some $ 7,900 billion. , or 61.3%, against about 64% a year ago.
But the growth of the last quarter has reduced consumer spending only about where they were in mid-2018, according to federal data. And it is unclear to what extent this dynamic will continue with the rapid spread of the virus and the lack of government assistance along the way.
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