GDP grew at record 33.1% annual rate in third quarter in partial bounceback from pandemic losses

The U.S. economy grew at a record-breaking 33.1% annual rate in the third quarter, the Commerce Department reported Thursday.

Economists had projected a 32% annualized rate of growth.

Even the quarter’s historic growth, though, was not enough to return the economy to pre-pandemic levels.

To return the economy to full health, growth in the third quarter would have had to increase 63.7% at an annual rate, projected David Wilcox, a former director of the Federal Reserve’s domestic economics division and now a senior fellow at the Peterson Institute for International Economics.

Read more…

Please follow and like us: