US economy rebounds by record 33.1% in Q3 after Covid-19 plunge

WASHINGTON - The US economy bounced back with a record yet temporary surge of growth in the third quarter as businesses reopened and stimulus cash powered consumer spending, reversing much of the collapse stemming from coronavirus-enforced lockdowns.

While the report makes clear that the economy has found a solid footing for now, analysts caution that growth will be much more modest and choppy in months to come, especially as the spread of the virus gathers pace again and lawmakers remain in an extended deadlock over a new stimulus package. With just five days until Election Day, President Donald Trump will likely point to the latest figures as evidence of his ability to guide the American economy through the Covid-19 crisis. It's unclear, though, how much of an impact the upbeat figures may have on the election, especially given more than 76 million Americans have already cast their vote.

The figures, the last snapshot of the US labour market ahead of Tuesday’s election, underscore a further, yet gradual, recovery in the job market. Nonetheless, a renewed surge in coronavirus infections across the country and a deadlock over new fiscal stimulus threaten to limit further progress.

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