Economic Indicator: GDP Assignment
Due to the COVID-19 pandemic shutting down the vast majority of the world, most
people in the United States began saving money they would typically spend on personal
enjoyment (i.e., sporting events and concerts). Now that the COVID-19 pandemic has passed, the
population is currently using the excess savings on activities that, due to the pandemic, were
unable to use. Another cause of the expansion is the cost of buying a house has grown
exponentially; people are now moving the money that would have been used on a mortgage or
down payment to other expenses. Due to the spike in product consumption, the GDP is currently
climbing rapidly to as much as 4.9% in a single quarter after adjusting to inflation.
Refer
References
Gross Domestic Product, Third Quarter 2023 (Advance Estimate) | U.S. Bureau of Economic
Analysis (BEA). (2023). Bea.gov. https://www.bea.gov/news/2023/gross-domestic-
product-third-quarter-2023-advance-estimate
Omeokwe, A., & Guilford, G. (2023, October 26). U.S. Economy Grew a Strong 4.9%, Driven
by Consumer Spree That May Not Last. WSJ; The Wall Street Journal.
https://www.wsj.com/economy/us-gdp-economy-third-quarter-f247fa45?
mod=economy_trendingnow_article_pos2
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