U.S. economy sees record growth in third quarter
29 October 2020
The U.S. economy grew at a 33.1% annualized pace in the third quarter, the Commerce Department said on Thursday.
The state of play: The record growth follows easing of the coronavirus-driven lockdowns that pushed the economy to the worst-ever contraction — but GDP still remains well below its pre-pandemic level.
What they're saying: "When you go from having an essentially complete lockdown to opening up, that allows the economy to bounce back a bit like a compressed spring," Nathan Sheets, chief economist at asset management firm PGIM Fixed Income, tells Axios.
- But "the economy is slowing dramatically" now, says Sheets — pointing to dried-up federal stimulus negotiations and a worsening nationwide coronavirus surge that could weigh on economic growth.
The bottom line: The U.S. economy has clawed back some of its pandemic losses, but still has a long way before a full recovery.
Transcripts show George Floyd told police "I can't breathe" over 20 times
Section2Newly released transcripts of bodycam footage from the Minneapolis Police Department show that George Floyd told officers he could not breathe more than 20 times in the moments leading up to his death.
Why it matters: Floyd's killing sparked a national wave of Black Lives Matter protests and an ongoing reckoning over systemic racism in the United States. The transcripts "offer one the most thorough and dramatic accounts" before Floyd's death, The New York Times writes.
The state of play: The transcripts were released as former officer Thomas Lane seeks to have the charges that he aided in Floyd's death thrown out in court, per the Times. He is one of four officers who have been charged.
- The filings also include a 60-page transcript of an interview with Lane. He said he "felt maybe that something was going on" when asked if he believed that Floyd was having a medical emergency at the time.
What the transcripts say:
- Floyd told the officers he was claustrophobic as they tried to get him into the squad car.
- The transcripts also show Floyd saying, "Momma, I love you. Tell my kids I love them. I'm dead."
- Former officer Derek Chauvin, who had his knee on Floyd's neck for over eight minutes, told Floyd, "Then stop talking, stop yelling, it takes a heck of a lot of oxygen to talk."
Read the transcripts via DocumentCloud.