Hi, Im Carl Azuz for CNN 10 and Fridays are awesome.
Buckle up you all because were taking a ride on a rollercoaster called the US economy
and where its headed nobody knows.
Heres the good news.
The US Commerce Department says between July and September,the economy grew a lot.
The biggest measure of economic activity is the nations growth domestic product,
the total value of the goods and services the country produces,
and the government says Americas GDP grew by 7.4 percent in the summer months.
Thats a record.
Never since the government started keeping track of the GDP in 1947
has the economy grown that much in a single quarter.
And that growth came at a faster rate than economists had predicted.
A major factor in this was the lifting of the lockdowns.
When businesses and retail stores
were allowed to open their doors again after the mandatory closures of the Spring,
that had the goal of slowing the spread of coronavirus.
So, whats the bad news?
Well virus cases in most states are on the rise.
Economic analysts are concerned that could put a drag on the economy once again.
When comparing the number of jobs in America,
the Labor Department says there were 10.7 million fewer jobs in September than there were in February.
And even though Americas GDP grew by 7.4 percent in the summer,
it had dropped by 9 percent in the Spring.
So, the economy still has ways to go to get back to how things were before the virus struck
and the future is hard to predict for several reasons.
One, theres an election coming up in four days.
We dont know how it will shape the governments economic plans moving forward.
Two, COVID-19 hasnt gone away.
We dont know if or how it will impact consumer spending moving forward.
Three, France just imposed another national lockdown through the end of November.
Similar to what Germany did earlier this week.
Could that happen again in the United States?
All of these are events that could have a major impact on the future of the economy.