What the next GDP figure will — and won’t — mean

  • By cvbizz
  • October 24, 2020
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A trader works on the floor of the New York Stock Exchange on March 18, 2020. The economy is still recovering from a catastrophic spring. | Xinhua via Getty Images

Economic data will likely show record-breaking growth. But the economy hasn’t recovered.

Five days before Election Day, new data will be released providing the first look at how fast the economy grew in the third quarter of 2020. It’s a safe bet that third-quarter growth will clock in at the fastest pace ever recorded. It’s also a safe bet that the number will be ballyhooed as a great accomplishment. Maybe the greatest ever.

But in reality, the job of rebuilding the economy will be far from done.

Most economic forecasters expect the GDP growth figure announced on October 29 to be somewhere in the neighborhood of 25 to 30 percent at an annual rate;

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