US economy grew at 33% rate in Q3 but recovery is incomplete

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 US economy grew at 33% rate in Q3 but recovery is incomplete

    By MARTIN CRUTSINGER AP Economics Writer 30 min ago



By MARTIN CRUTSINGER AP Economics Writer

WASHINGTON (AP) — The U.S. economy grew at a sizzling 33.1% annual rate in the July-September quarter — by far the largest quarterly gain on record — rebounding from an epic plunge in the spring, when the eruption of the coronavirus closed businesses and threw tens of millions out of work.

Yet the recovery from the deepest recession since the Great Depression of the 1930s remains far from complete. The Commerce Department's estimate Thursday of third-quarter growth regained only about two-thirds of the output that was lost early this year when the economy essentially froze as safety orders forced restaurants, bars and many retailers to shut down.

The economy is now weakening again and facing renewed threats. Confirmed viral cases are surging. Hiring has sagged. Government stimulus has run out. With no further federal aid in sight this year, Goldman Sachs has slashed its growth forecast for the current fourth quarter to a 3% annual rate from 6%.

https://godanriver.com/news/national/us-economy-grew-at-record-33-1-annual-rate-last-quarter-in-rebound-from-virus/article_ee58d547-2200-5435-955c-0ea9adfdba39.html#utm_source=godanriver.com&utm_campaign=%2Fnewsletter-templates%2Fbreaking&utm_medium=PostUp&utm_content=c9ff0a021cd0681270d677c58a6c48aca48df43f