U.S. President Donald Trump touted the latest gross domestic product(GDP) surge as evidence that the U.S. economy is in recovery, while Democratic presidential candidate Joe Biden assessed that the economy was still in a "deep hole" amid the COVID-19 pandemic.

On Thursday, the U.S. Department of Commerce announced that the U.S. economy expanded by an annualized rate of 33-point-one percent in the third quarter, compared to a contraction of 31-point-four percent in the April to June period.

But some analysts didn't view the surge as a sign of recovery as the economy still shrank two-point-nine percent compared to a year earlier.

Regardless, Trump tweeted that the latest data is the biggest and best in U.S. history, adding that next year will be fantastic.

Biden, on the other hand, reminded voters that the economy was still in a "deep hole," tweeting that visits to food banks haven't slowed and poverty has grown due to the COVID-19 recession.

Warning that the country was on track for the "worst economic downturn in over 70 years," Biden said Trump is on track "to be the first president since Herbert Hoover to leave office with less jobs than when he came in."