Great Growth

After declining by a record 9%, or 31.4% if annualized in 20Q2, 20Q3 GDP has come in at a simply stunning 7.4%, or 33.1% if annualized! At this point, the US economy is 3.5% smaller than it was on 12/31/19, and about 4% smaller than it was in mid-March before the onset of Covid-19. While 4% seems small, that was the magnitude of the decline during the 2008/2009 Great Recession!