US GDP grew at record 33.1% Annualized Rate in 3rd Quarter Economy roars back from COVID

Commerce Department reported Thursday that GDP grew in third quarter annualized rate of 33.1%, 7.4% from July to September

New third quarter 2020 economic numbers out Thursday show record growth, confirming a rapid, V-shaped recovery from the nationwide economic shutdown induced in the spring in response to the spread of COVID-19.

In the third quarter, the GDP grew at an annualized rate of 33.1%, the Commerce Department said Thursday morning. 

Economists expected approximately 32% annual GDP growth, making up ground lost during a sharp 31.4% contraction that occurred during the second quarter, following the initial pandemic-induced economic shutdown. The 33.1% annualized expansion pace was slightly higher than the widely predicted figure of 32%. 

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