With voting day finally here, what can the state of the US economy tell us about tonight’s result? While the United States has been hit hard by Covid-19, the country’s economy is showing signs of improvement – and the latest stats could be good news for Donald Trump in his bid to defy the odds and win re-election.
GDP figures for the third quarter of 2020 (published last week) show a spectacular rebound for annualised GDP: 33.1 per cent between July and September. This amounts to a 7.4 per cent increase from the previous quarter, the fastest growth the US has seen in its post-war history.
According to Capital Economics, the recovery can be credited to a 40.7 per cent rebound in consumption, as Americans ventured back outdoors and returned to their old spending and consumer habits in the summer months. Business confidence also increased, with equipment investment up 70.1
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