US election 2020: Donald Trump boosted as economy surges

The US economy grew by a record 33.1 per cent annualised rate in the third quarter.

Donald Trump has received a major boost to his campaign just days before the election with figures showing the US economy has surged back at a record pace.

Describing it as “the biggest event in business in 50 years,” Mr Trump touted new figures showing the economy grew by a record 33.1 per cent annualised rate of growth in the third quarter.

The rise offsets the 31.4 per cent annualised drop in the second quarter when the economy crumbled in the face of the coronavirus pandemic.

But the US economy is still about 3.5 per cent smaller than before the pandemic hit with just 10.7 million jobs recovered from the 22 million that were lost earlier this year.

“GDP number just announced. Biggest and Best in the History of our Country, and not even close. Next year will be FANTASTIC!!!” Mr Trump tweeted.

GDP number just announced. Biggest and Best in the History of our Country, and not even close. Next year will be FANTASTIC!!! However, Sleepy Joe Biden and his proposed record setting tax increase, would kill it all. So glad this great GDP number came out before November 3rd.

— Donald J. Trump (@realDonaldTrump) October 29, 2020

Later at a rally in Tampa, Florida, he said the US economic recovery from the pandemic was the fastest in history.

“This explosive economic growth is four times greater than what the experts expected …(it is) the greatest in history. No other country, small or large is recovering like us,” he said.

But his Democrat opponent Joe Biden said the growth figures were not good enough for ordinary Americans and that growth was now slowing.

“Working people fighting to make ends meet in this economy don’t need today’s report to tell them what they already know, because they feel it everyday: Donald Trump still doesn’t have a plan, and we still haven’t recovered,” Mr Biden said. “We are in a deep hole and President Trump’s failure to act has meant that Q3 growth wasn’t nearly enough to get us out of; the recovery is slowing if not stalling. Yes, GDP rose last quarter, but visits to food banks haven’t slowed, and poverty has grown. African Americans and Latinos still face double-digit unemployment rates,” he said.

Donald Trump supporters in Coconut Creek, Florida. Picture: Getty Images.

Polls show that a majority of voters believe Mr Trump would be better than Mr Biden in managing America’s economic recovery.

It came as both the president and Mr Biden campaigned in the key swing state of Florida where the former vice president has a narrow 1.4 point lead.

Florida is a must-win state for the president. At Mr Trump’s rally in Tampa, the First Lady Melania Trump made a surprise speech alongside her husband, saying was a strong leader who had given the country hope.

“A vote for President Trump is a vote for a better America,” she said in a speech interrupted by chants of “four more years” and “we love you.”

“My husband’s administration is focused on the future – the health and safety of the American people, the education and well being of our children, the safety and security of our streets and communities and the protection of our fundamental family values.”

“We are a country of hope not a country of fear or weakness … and we have a leader who shows that every single day,” she said.

With only days to go until the November 3 election, Mr Biden leads Mr Trump by 7.7 points nationally. Mr Biden’s leads are smaller in the swing states that will decide the election outcome, with an average lead of 3.5 points.

(Cameron Stewart is also US Contributor for Sky News Australia)