By the Numbers: The election economy

In the final election sprint, new reports show record-breaking GDP growth but still historically high U.S. unemployment claims.
1:10 | 10/30/20

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Transcript for By the Numbers: The election economy
Now back to the US economy which is top of mind for so many American voters still struggling in this downturn today we got. New data on US economic growth and unemployment just days before millions hint to the polls. Features a look by the numbers. 751000. Americans filed new unemployment claims in one week slightly better than expected but. Still the 32 straight week of historically high unemployment claims. And more than twelve a half a million Americans are currently unemployed. The US economy grew by a record breaking 33 point 1% annual rate last quarter as many businesses reopened after the spring lock downs. Then the previous quarter the economy shrunk by a record setting 31 point 4% annual rate so all told. The economy has now recovered about two serves and what it lost during the pandemic. And we would need about 50% annual growth in GDP to actually claw our way back to our pre pandemic economic activity. For the full year Tony trying to US economy is expected to shrink and as one economist told us we may be in for quote. Tragedy in three parts decline rapid rebound. And end of long hard slog.

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

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