US Economy Rebounds at the Fastest Growth Rate of 33.1% as Consumer Activity Resume

The United States announced a boom in GDP of 33.1% for the third quarter of this year, the fastest growth rate since the government began compiling the data in 1947, according to the Department of Commerce report.

 

An increase in consumer activity and exports along with business and residential investment boosted the July-September quarter rebound from the worst-ever quarter of 31.4% contraction in the second quarter of 2020. 

 

The rapid growth reflected continued efforts to reopen businesses and restart activities after imposing lockdowns between March and June. 

 

The US has reached a single-day record of more than 91,000 cases, bringing the total confirmed cases to over 8,900,000 with about 228,000 people having died from the virus.