The previous post-World War II record was the 16.7% growth in the first quarter of 1950. The new burst came after a 31.4% plunge in the second quarter.
“We’ve never had anything remotely close to this,” Kudlow said Thursday on Fox News. “And let me add, this thing was kicking on all cylinders. Automobile production, for example, up over 1,100 percent in the third quarter, big numbers on consumer spending, big numbers on housing, big numbers on capital equipment machinery and manufacturing and so forth.”
Kudlow also said that inventories are depleted, “so inventories are going to be rebuilt. This quarter the momentum is going into the fourth quarter and will go into 2021, assuming policies are good. This is not a one time in fact this is going to go on. It’s a strong, strong recovery. The V shaped concept that I coined a while back, looking pretty good right now.”
The news wasn’t all good. Looking exclusively at the quarterly data, the nation’s GDP grew 7.4% in the third quarter, but it was a 9% decline a second quarter. Also, the economy is 3.5% smaller than it was compared to the end of 2019.
Kudlow said by late this winter or early spring, “we will regain all of the lost output that we suffered during the terrible pandemic contraction, this past winter, and the first half of the year. So it’s an optimistic view.”















