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US economy registers record growth of 33 % in 3rd quarter

Updated: October 30, 2020 1:25 pm

The US economy grew at its fastest pace ever in the third quarter as a nation battered by an unprecedented pandemic started to put itself back together.

Third-quarter gross domestic product, a measure of the total goods and services produced in the July-to-September period, expanded at a 33.1% annualized pace.

Markets reacted positively to the news, with Wall Street erasing a loss at the open and turning mostly positive.
Increased consumption along with sold gains in business and residential investment as well as exports fueled the third-quarter rebound.

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