The news that the nation’s gross domestic product has rebounded at a 33.1% annualized rate in the third quarter of this year “exceeded all expectations” and will mark a strong recovery that will continue into 2021, White House Economic Council Director Larry Kudlow said Thursday.
“It is a record high since the data going back to 1947,” Kudlow said on Fox News’ “America’s Newsroom.” “We’ve never had anything remotely close to this.”
Production was kicking on “all cylinders,” said Kudlow, including huge numbers on housing, consumer spending, automobiles, manufacturing, and more, and it will continue to grow.
“Inventories are depleted,” he said. “There is not much on the shelves. A lot of demand is out there for autos and consumers and so forth, so inventories will be rebuilt. This is not a one-time impact. This will go on. The V-shaped concept that I coined a while back is looking pretty good right now.”
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