News Information and Media Site: U.S. economy grew at 33.1 percent annual rate last quarter, but blowout figure is not what it seems. The economy remains below pre-pandemic levels.

Thursday, October 29, 2020

U.S. economy grew at 33.1 percent annual rate last quarter, but blowout figure is not what it seems. The economy remains below pre-pandemic levels.

Oct 29, 2020

U.S. economy grew at 33.1 percent annual rate last quarter, but blowout figure is not what it seems. The economy remains below pre-pandemic levels.

Last quarter saw a record-high jump in economic growth, with the government's initial calculation of gross domestic product coming in at 33.1 percent on an annualized basis.While this is a turnaround from the GDP plunge registered in the second quarter, the economy remains below its pre-pandemic levels and the figure obscures an uneven recovery that could be stalling as Covid-19 cases surge across the country.