US Economy Up 33.1 % In Third Quarter, Second Reading Shows - Commerce Dept.

Muhammad Irfan Published November 25, 2020 | 08:17 PM

The US economy grew by 33.1 percent between in the third quarter, the Commerce Department said Wednesday in a second reading that left its previous growth estimates for the July to October period unchanged

WASHINGTON (UrduPoint News / Sputnik - 25th November, 2020) The US economy grew by 33.1 percent between in the third quarter, the Commerce Department said Wednesday in a second reading that left its previous growth estimates for the July to October period unchanged.

"Real gross domestic product (GDP) increased at an annual rate of 33.1 percent in the third quarter of 2020," the department's Bureau of Economic Analysis said in a statement.

The Q3 GDP was the highest ever attained by the United States for a three-month period. It comes after the second quarter plunge of 31.

4 percent which also marks the steepest drop ever for a three-month period, due to business lockdowns forced by the COVID-19 pandemic between April and June.

Despite the third quarter rebound, the US economic outlook remains dire with a rash of new coronavirus infections reported across a nation with 12.6 million COVID-19 cases since January and almost 260,000 fatalities related to that. US COVID-19 hospitalizations have hit daily record highs of above 100,000 in recent weeks, even as vaccine developments for the virus have shown promise.