ICYMI: WaPo: U.S. ECONOMY LIKELY GREW A LOT LAST QUARTER
American Rescue Plan & Other Investments Helped U.S. Outpace Other Countries
In Case You Missed It — The Washington Post reported that a new GDP report expected to be released on Thursday is likely to show that the U.S. economy grew from July to September. A Federal Reserve Bank of Atlanta tracker estimates that growth reached about 2.9 percent between July and September.
The economy remains strong. Unemployment is hovering near historic lows at 3.5 percent and many Americans are getting raises at their jobs. Thanks to the American Rescue Plan and other critical investments, the U.S. is faring much better than European countries and China. In fact, the Post notes that “America’s return to growth stands in sharp contrast to other major economies.”
GDP, the broadest measure of economic activity, is expected to have risen roughly 2.9 percent between July and September, according to a tracker from the Federal Reserve Bank of Atlanta. That’s in line with some of the stronger pre-pandemic years of economic growth.
The economy remains strong by many measures. Unemployment, at 3.5 percent, is near historic lows and many Americans are getting pay raises. Business investment and consumer spending remain strong, even as households and business owners say they feel pessimistic about their finances and the direction of the economy.
The White House pointed to strong jobs growth and steady consumer spending — which makes up nearly 70 percent of GDP — as promising signs that the economy remains robust.
About Invest in America
Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.
The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.