Statement by U.S. Secretary of Labor Eugene Scalia on Strong Economic Data
WASHINGTON, DC – U.S. Secretary of Labor Eugene Scalia issued the following statement regarding the strong economic data released today:
“This morning’s economic news shows sustained momentum and confirms that our nation is bouncing back from the coronavirus pandemic faster than predicted.
“In the third quarter of 2020, real GDP grew at an annual rate of 33.1 percent, greatly surpassing the previous record for quarterly growth set in 1950. Total unemployment insurance claims in early October fell by more than 400,000, meaning that nearly 3.4 million people have come off of unemployment in September and early October. Since the peak unemployment in April, we’ve added back nearly 11.5 million jobs and have seen the unemployment rate fall nearly seven points. Last week, we learned that 34 States had an unemployment rate below eight percent in September. Real Personal Consumption Expenditures grew at a 70-year record rate in the third quarter. Other economic indicators are also strong, with durable goods orders increasing last month and existing home sales and permits for new homes climbing at rates not seen in more than a decade.
“Our continued efforts to fight the virus, develop a vaccine, and support Americans who remain out of work will help us rebuild our economy stronger than ever.”