[BostonCard]

https://www.npr.org/2020/10/29/928797051...-way-to-go

Third quarter GDP grew at a 33.1% annualized rate in the third quarter (7.4% quarter on quarter).  That's a nice rebound, but

Analysts note the economy is still about 3.5% smaller than it was at the end of last year, before the once-in-a-lifetime pandemic.

For comparison, real GDP contracted by 4.2% between Q4 2007 and Q2 2009 (in the Great Recession), so this is not quite as bad.  And, unfortunately, as viruses get worse, there is a very real risk of a double dip.

I think if you had told me back in April that the total economic effect of the pandemic was a 3.5% hit on the economy through three quarters, I would have probably sighed in relief.  Things could have been much worse.  Of course, that's not much comfort for the millions who are unemployed or the hundreds of thousands who died due to the pandemic, but if we can somehow get through the winter, we may be in a decent position going forward.

BC

[BostonCard]

https://www.npr.org/2020/10/29/928797051...-way-to-go

Third quarter GDP grew at a 33.1% annualized rate in the third quarter (7.4% quarter on quarter).  That's a nice rebound, but

Analysts note the economy is still about 3.5% smaller than it was at the end of last year, before the once-in-a-lifetime pandemic.

For comparison, real GDP contracted by 4.2% between Q4 2007 and Q2 2009 (in the Great Recession), so this is not quite as bad.  And, unfortunately, as viruses get worse, there is a very real risk of a double dip.

I think if you had told me back in April that the total economic effect of the pandemic was a 3.5% hit on the economy through three quarters, I would have probably sighed in relief.  Things could have been much worse.  Of course, that's not much comfort for the millions who are unemployed or the hundreds of thousands who died due to the pandemic, but if we can somehow get through the winter, we may be in a decent position going forward.

BC