US economic growth shatters record at 33.1%, but fails to snap coronavirus recession

US economic growth shatters record at 33.1%, but fails to snap coronavirus recession
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The U.S. economy grew at a record-shattering pace in the third quarter as businesses reopened from the coronavirus shutdown, but the nation remains in a deep hole from the COVID-induced recession.

Gross domestic product, the broadest measure of goods and services produced across the economy, surged by 33.1% on an annualized basis in the three-month period from July through September, the Commerce Department said in its first reading of the data Thursday. The previous post-World War II record was a 16.7% increase in 1950.

Refinitiv economists expected the report to show the economy had expanded by 31%.

But the headline figure obscures the full…



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