U.S. Economy Rebounded Strongly In The Third Quarter
The U.S. economy grew at a record annualized rate of 33.1% between July and September, clawing back much of the ground it had lost during the coronavirus-fueled shutdown earlier in the year, the Commerce Department said Thursday.
The government reports gross domestic product — the total value of goods and services the economy produces — as an annualized number. On a non-annual basis, the country's output plunged 10% in the first half of the year before growing 7.4% in the third quarter. That means the U.S. has recovered roughly two-thirds of the economic activity it lost earlier this year during pandemic shutdowns of businesses, schools, entertainment venues and government offices.
Increased consumer spending, private investment and exports drove the three-month increase in July, August and September, which was partly offset later in the quarter by falling government spending as stimulus funds dried up and states and municipalities slashed their government budgets.
- Oct 30, 2020-