The boom in US GDP does not match what’s happening to Americans’ wallets

Karen Ho
·2 min read
The boom in US GDP does not match what’s happening to Americans’ wallets
The boom in US GDP does not match what’s happening to Americans’ wallets

The US economy may have grown a lot in the third quarter, recouping much of the decline from the early months of the pandemic, but personal income dropped, highlighting the challenging financial situation for millions of Americans ahead of the election on Tuesday. The latest report from the US Bureau of Economic Analysis (BEA) shows gross domestic product grew at a seasonally adjusted annual rate of 33.1%, or 7.4% between the second and third quarter of this year.