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US economy grew at a record level in the third quarter

The country’s economy according to the data announced by the US Department of Commerce. It grew at a record level with 33.1 percent in the July-September period.

The US Department of Commerce announced leading GDP data for the July-September period. Accordingly, GDP in the USA increased by 33.1 percent annually in the third quarter of the year.

After the historical shrinkage in the second quarter of this year due to the new type of coronavirus (Covid-19) pandemic. The market expectation for the US economy, which recorded record-high growth in the third quarter, was for a 31 percent growth.

The country’s economy shrank by a record 31.4 percent in the second quarter of the year due to the Covid-19 outbreak and quarantine measures taken against the pandemic. The loosening of the tight measures applied due to the Covid-19 outbreak and the reopening of businesses were determinant in the third quarter GDP growth.

Imports also increased in the same period. In the third quarter of the year, the personal consumption expenditures price index increased by 3.7 percent. The core personal consumption expenditures price index, which excludes food and energy expenditures, also increased by 3.5 percent in this period. Expectations were for this data to increase by 4 percent.

The euro / dollar parity, which was at 1.17 level before the growth data, maintained this course after the announcement. While an ounce of gold traded at $ 1,873 fell to $ 1,863, the 10-year US government bond interest rose from 0.771 percent to 0.776. The barrel price of Brent oil, which was at $ 37.89 before the data, fell to $ 37.77.

Written by Maraaz

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