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.
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