US Economy Grew 33.1% in the Third Quarter
Updated: Oct 30, 2020
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.
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