10-29-2020 CBN News
A crowd of supporters shows up for Bobby Catone, the owner of a Staten Island tanning salon, May 28, 2020, in NY. He opened the salon in defiance of a law requiring non-essential businesses to remain closed (AP Photo/Mark Lennihan)
Some positive economic news just came out – the first estimate on the third quarter shows the economy rebounded sharply.
The US economy grew at a record-breaking 33.1 percent, slightly above projections, as the country makes a comeback from the crippling coronavirus lockdowns.
The report shows a big gain after the dramatic plunge of more than 31-percent in the second quarter, after the country intentionally shut down the economy, closing businesses and throwing tens of millions out of work.
The unemployment rate is now around 7.9%, but that’s a big improvement from the 14.7% rate that was caused by the global outbreak.
Many areas are still enforcing strict restrictions against businesses like restaurants, and coronavirus cases are rising again, sparking fears that the economy won’t be able to keep recovering.
That’s why the US stock market has fallen sharply this week. Those stock jitters also reflect what’s happening in Europe where France and Germany have just announced extreme lockdowns that will hurt their businesses.
The Dow Jones closed 943-points down on Wednesday, but analysts believe the current pullback won’t last.
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