U.S. Economy Expands at Record 33.1% Pace in 3Q

The transcript discusses the significant quarterly increase in GDP following a major contraction, highlighting the economy's current state and future projections. It examines the impact of COVID-19 on jobless claims and economic activity, with a detailed breakdown of GDP components like personal consumption and government spending. The discussion also touches on political implications and challenges for future economic recovery.

What was the percentage gain in GDP after the contraction in the first and second quarters?

• 3%

• 33.1%

• 10.1%

• 7.4%

How did the virus impact jobless claims according to the economic trends discussed?

• Jobless claims remained flat

• Jobless claims decreased significantly

• Jobless claims were unaffected

• Jobless claims increased rapidly

What was the percentage increase in personal consumption after the first quarter?

• 33.2%

• 20.3%

• 40.7%

• 27.2%

Which component of GDP showed a decline in government spending?

• Federal government spending

• Nonresidential fixed investment

• Personal consumption

• State and local government spending

How might political leaders present the 33% GDP lift during campaigns?

• By focusing on the contraction

• By highlighting jobless claims

• By not mentioning it is annualized

• By emphasizing it is annualized

What is the expected growth rate for the fourth quarter on an annualized basis?

• 3 to 4%

• 7.4%

• 10.1%

• 33.1%

What challenge does the next President face regarding the economy?

• Decreasing personal consumption

• Restoring the economy to its previous level

• Reducing jobless claims

• Increasing government spending