Jobless claims down, GDP grew.
In what President Trump describes as a “V-shaped” recovery, the end of the third quarter brought evidence of a bounce back from pandemic losses.
The number of new applications for unemployment benefits dropped to 751,000 last week according to the Labor Department, down from 791,000 and a new low since the beginning of the pandemic. The number was lower than the total of 770,000 that economists had predicted last week.
According to the report from the Commerce Department, the U.S. economy grew at a record-breaking 33.1 percent annual rate in the third quarter, again exceeding the expectations of forecasters.
Neither number is enough to return the economy to pre-pandemic health, but both are evidence that the nation is rising its way out of the COVID-19 recession faster than critics thought possible.
As the Lord Leads, Pray with Us…
- For continued, steady, and sustainable growth in the economy.
- For men and women who are still unemployed, and businesses that remain closed, or those which are closing again due to spikes of the virus in their areas.
- That the effect of the economy on the presidential election would accomplish God’s will.
Sources: Wall Street Journal, Business Insider
