New economic numbers show promise as uncertainty from COVID-19 continues

The U.S. economy grew 33.1% in the third quarter, the largest rise following the biggest drop in U.S. history with the pandemic still leaving a cloak of uncertainty for the future.
2:47 | 10/29/20

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Transcript for New economic numbers show promise as uncertainty from COVID-19 continues
Stock futures meanwhile are up this morning after some good news on the economy the numbers out this morning shows 751000. Americans applied for unemployment benefits last week. Still a high number but the lowest since March. And the US economy grew at a record 33 point 1% annual rate last quarter that's the biggest rise in history. But it comes after the biggest drop in history ABC news business in the day economics correspondent you to Fulton. Joins me now for more on this Deirdre it sounds like good news overall when you unpack these numbers what do they tell you. About the state of the economy. Well thank you senate so Alan this a record gain for a third quarter GDP of follows and actually record tumble that we sigh in the second quarter. Bottom line is that this third quarter number is backwards looking so it's back to when we were all beginning to come out of lockdown when warm all starting to spend a little bit more. And away and we had as stimulus plan in place of for average Americans. So the take away from most economists and I've been speaking went is that okay you're looking back words that number is strong can't deny that. But if you look at the data points that we're getting week to week and months of mind that since that has been published. That there's a larger number kind of masks what's going on right now which is a moderate sales growth. And just being with the experts I and they say let's end this sum total take is the US economy the US economic activity is going to be smaller Felix but in those terms. That it was at pre virus pre lock downs. For a long time to hop dance and the market seemed to like these numbers what does this mean for the average American. Wall for the average American you spoke about the initial weekly jobless claims in U spoke about the fact that you know we're 32. Weeks in a row. These numbers really plateauing at an historically high yes today's data point was better than expected I don't want to take that out of context. What we've really just plateaued at this level where if you look since the lock downs. Nearly forty per cents of the US working population has at one time or another sometimes twice or three times depending on that person's industry. Pats you apply for unemployment benefits that's a pretty serious statement 40%. If you think great now of course Friday's till this election it is quite clear we're not gonna get a stimulus package in place. Obviously before then and it's not quite clear a wine can be done or how soon one Jimmy nine even after that election so I think for the average American person. That's really what counts the most and then of course lest we forget with this backdrop. Cold it very much with us this global pandemic. Numerous possibilities and numerous outcomes and right now it appears to be spreading again Diana not just adds volatility to the markets. Out of course it's just underpins uncertainty for US economic growth I and Deirdre Bolton Forrest thanks for that Deirdre.

This transcript has been automatically generated and may not be 100% accurate.

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