The U.S. economy grew at a record pace during the last three months, according to the last major economic report before the election.
Not many people are popping champagne corks, though, because GDP also shrank at a record pace during the previous three months. Despite the strong rebound in July, August and September, the economy has not yet recovered from the damage done by the coronavirus pandemic.
The Commerce Department reported that the economy grew at an annualized pace of 33.1% in the third quarter, as businesses reopened following spring lockdowns and as people increased their shopping.
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