Economy Sees Record Rebound at 33 Percent Annualized Rate

The 3rd-quarter growth reflects a robust expansion in consumption, housing, business investment; doubles the previous record set in 1950

A hiring sign is displayed in front of a store in Brooklyn, New York on October 7, 2020. Chung I Ho/The Epoch Times

WASHINGTON—Following a record downturn, the U.S. economy expanded by 7.4 percent over the prior quarter and at a 33.1 percent annual rate, posting the strongest recovery in recorded history.

The Bureau of Economic Analysis released its first estimate of third-quarter real gross domestic product (GDP) on Oct. 29. Strong growth between July and September this year reflected continued efforts to reopen businesses and resume activities following COVID-19 lockdowns, the Commerce Department reported.