Source: The Hill

The U.S. economy swiftly recovered some of the deep losses driven by the onset of the coronavirus pandemic, according to data released Thursday by the Commerce Department, staging a record-breaking rebound after a devastating collapse in the spring.

U.S. gross domestic product grew at a seasonally adjusted annualized rate of 33.1 percent in the third quarter of 2020, according to the department’s advance estimate. That means that if the pace of economic growth between July and September spanned 12 months, the U.S. economy would have increased in size by roughly a third in that time. On a non-annualized basis, the economy grew by 7.4 percent in the third quarter

Economists had widely expected GDP to rebound at an unprecedented rate in the third quarter as the U.S. began to dig itself out of the coronavirus recession.

Full Story @ The Hill