Trump: "Q3 GDP 33.1% Historic Achievement... Biden Will Kill Everything"

New York Stock Market Also Starts Higher... Dollar Index Strengthens
Biden: "Most Concerning Economic Downturn Phase in 70 Years"

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] U.S. President Donald Trump praised the U.S. third-quarter economic growth rate of 33.1% as the highest and most excellent result in history.

On the 29th (local time), President Trump mentioned this on Twitter and claimed, "The growth is not over yet. Next year will be fantastic."

He also criticized, "However, Sleepy Joe and his record tax hike announcement will kill everything," adding, "Glad to see great numbers come out before the November 3rd election."

President Trump had previously forecasted positive third-quarter GDP growth during his recent campaigns. He viewed the GDP growth rate as a signal that he led the U.S. economic recovery ahead of the presidential election.

The announced third-quarter U.S. GDP growth rate turned positive after -5% in the first quarter and -31.4% in the second quarter. The third-quarter growth rate also exceeded the Dow Jones compiled expert estimate of 32%.

Larry Kudlow, Director of the White House National Economic Council, also described it as a "very strong and robust recovery" in an interview with Fox News. He claimed, "It is the highest record since 1947, and the economy is working in all sectors." He cited the recovery in the automobile and housing sectors as examples.

White House Press Secretary Kayleigh McEnany and White House Advisor Ivanka Trump also actively promoted the GDP growth.

On the other hand, Democratic presidential candidate Joe Biden criticized, "Although GDP rose significantly last quarter, visits to food banks have not decreased, and poverty has increased," adding, "We are in the most concerning economic downturn phase in 70 years. Donald Trump is on track to become the first president since Herbert Hoover to see job losses during his term."

The New York Times also pointed out that the U.S. economy contracted by 3.9% compared to last year based on the third quarter and is expected to shrink by 4% by the end of the year.

As of 10:13 a.m. on the day, fueled by the positive GDP growth rate, the New York stock market started on an upward trend. The Dow Jones Industrial Average rose 0.1%, and the Nasdaq index increased by 0.9%. The dollar index, which shows the value of the dollar against major currencies, also rose 0.52% to 93.892.