GDP rose 33.1% at an annual rate in the 3rd quarter, a massive jump after a massive fall of 31.4% in the 2nd quarter: https://www.bea.gov/data/gdp/gross-domestic-product

it's important to look 'under' the hood at the big swings in GDP this year. ASK: WHAT IS GOING ON??

these numbers show what a rollercoaster we have been on in the Covid-19 crisis.

let's compare this time to Great Recession:

1) decline in 2020:Q2 unlike anything ever before.

2) output remains 2% below 2019:Q1, same point last time, down 4%.

3) 2020 fiscal relief 2Xs as big!

COVID DRIVES EVERYTHING!!!

1) massive difference in recovery of consumer spending on services and on goods!!

2) until it's safe to be out face-to-face, services will remain downbeat.

3) services was 45% of GDP. get pandemic under control or not getting it back to100%!!

unbelievable divergence across major categories of consumer spending ... never imagined I was see anything like this. WORLD IS NOT NORMAL!!! #WearADamnMask #KillCovid #MoreReliefNow

VERY IMPORTANT!! we learned today about economy AS A WHOLE ***NOT*** how particular groups of families or small businesses are doing. WE KNOW MANY ARE HURTING MORE than GDP suggests. https://twitter.com/josephzeballos/status/1321806950531739650?s=20

PS many ways to slice and dice the data (I chose start of 2019 as my reference to underscore progress lost) ...

any way you look at it second quarter was disastrous and we climbed back quickly, but not enough, in third quarter.