US Economy Grew 33.1% in the Third Quarter

What Happened:

• On Thursday, the Commerce Department reported that the US GDP (gross domestic product) grew 33.1% in the third quarter, between July and September.

• This is the fastest expansion ever experienced since the government started tracking the GDP back in 1947 and recoups a significant portion, but not all, of the losses caused by the pandemic over the first two quarters of 2020.

• Despite the economy outperforming expectations in the third quarter, economists worry that it will slow once again as Covid-19 infection rates are on the rise worldwide.

• Millions continue to be unemployed and dependent on government benefits. The US labor market continues to be down over 10.7 million jobs in comparison with numbers pre-pandemic.

• Overall, economists say it is too early to predict whether the recession is behind us or whether there is more to come.

Photo Source: Pixabay

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