The United States economy had a record growth of 33.4% between July and September, the Commerce Department said in the last of three estimates of economic performance in the third quarter of the year.
However, the coronavirus rally is likely to have severely affected growth in the last three months of 2020.
The July-September figure – slightly modified from the 33.1% announced last month – constitutes a pronounced recovery from the 31.4% drop in the second period of the year, the worst on record since 1947.
The US economy took a nosedive starting in March from the impact of the coronavirus .
Consumer spending skyrocketed at an annual rate of 41% and private investment rose 86.3% in the third period.
The companies cut 22 million jobs between March and April, but then gradually began to fill their workforces again. Still, the United States now has 9.8 million fewer jobs than there were in February, and hiring has slowed every month since June.
But now with the virus resurgence – 220,000 cases a day compared to fewer than 35,000 in early September – many states are reimposing restrictions and quarantines.
Experts estimate that gross domestic product growth will slow to 2.8% in the fourth quarter, according to the Conference Board .
The predictions would be even worse if the US Congress had not approved the $ 900 billion stimulus package.