/Economy Grows at Record Rate

Economy Grows at Record Rate

According to the U.S. Commerce Department, the U.S. economy grew at a record rate during the third quarter. During the three months through September gross domestic product grew by 33.1%.

Gross domestic product increased 33.1% during the three months through September, unrevised from the first estimate and in-line with the expectations of analysts surveyed by Refintiiv.

The initial estimate released last month showed record growth as the U.S. economy battled back from its COVID-19-induced slowdown. The U.S. economy, the world’s largest, contracted at a 32.9% annualized pace in the second quarter as lockdowns aimed at slowing the spread of the virus caused activity to grind to a halt.

The second estimate included upward revisions to nonresidential fixed investment, residential investment and exports. Those were offset by downward revisions to state and local government spending, private inventory investment and personal consumption expenditures. Imports, which reduce GDP, were revised higher.

A third estimate will be released on Dec. 22.

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