The U.S. economy is recovering from the effects of the coronavirus and shutdowns at a much faster pace than economists expected.
Economists at Goldman Sachs have upgraded their expectations from 30% to 35% for 3rd quarter GDP after consumer spending proved to be strong in spite of higher savings rates over the summer.
Merill Lynch upgraded its growth forecast from 15% to 27% citing strong hiring and a booming housing market in addition to retail sales.
The Conference Board predicted 32.9% growth, and the Wall Street Journal predicted 23.9% growth, both for the third quarter.
Despite ups and downs in coronavirus trends, more and more businesses are reopening and increasing their capacity, which has led to the growth numbers.
Read the full story here.