US Economy Surges 33.1% In Q3, Biggest Gain On Record: Govt

After the worst downturn on record, the US economy posted the strongest recovery on record as it expanded at a 33.1 percent annual rate in the third quarter, the Commerce Department reported Thursday

Washington, (UrduPoint / Pakistan Point News - 29th Oct, 2020 ) :After the worst downturn on record, the US economy posted the strongest recovery on record as it expanded at a 33.1 percent annual rate in the third quarter, the Commerce Department reported Thursday.

That came after a 31.

4 percent drop in the April-June period during the worst of the pandemic, and a five percent drop in the first quarter. The annual rate is a measure that shows the full-year result if the gain in a single quarter were translated over 12 months.

However, compared to the July-September of 2019, the third quarter contracted 2.9 percent after falling 9.0 percent year-over-year in the second quarter, according to the data.