Third-quarter GDP unchanged at 33.1% annual rate as pandemic weighs on future growth
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(Worthy News) – The Commerce Department on Wednesday reported that third-quarter GDP growth was unchanged at 33.1%, which confirms the record-breaking expansion that occurred last quarter.
Still, last month’s growth is not enough to return the economy to pre-pandemic health. The economy contracted at a record-breaking 31.4% annual rate in the second quarter, and it is still 3.5% smaller than it was at the end of 2019.
Wednesday’s report comes as the spike in coronavirus infections is expected to weigh on future economic growth. [ Source: Washington Examiner (Read More…) ]
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