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October 30, 2020

Economy grew at record 33% rate in 3rd quarter; recovery incomplete

  • Growth was powered by a 40.7% annual increase in consumer spending.
    • By MARTIN CRUTSINGER
    AP Economics Writer

    WASHINGTON — The U.S. economy grew at a record 33.1% annual rate in the July-September quarter but has yet to fully rebound from its plunge in the first half of the year — and the recovery is slowing as coronavirus cases surge and government aid dries up.

    The Commerce Department's estimate Thursday of third-quarter growth showed that the nation has regained only about two-thirds of the output that was lost early this year when the eruption of the virus closed businesses, threw tens of millions out of work and caused the deepest recession since the Great Depression.


     
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