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US Economy Grows at Record Pace in 3rd Quarter

VOA News

   The U.S. economy grew at a record pace in the third quarter, the
   Commerce Department said Tuesday, though its growth appears to have
   slowed as the year approaches an end during the country's worsening
   coronavirus crisis.

   The U.S. economy grew at a 33.4% annual pace during a three-month
   period ending in September, due in large part to the $2.2 trillion in
   pandemic stimulus package Congress passed in March.

   The economy's third-quarter growth marked a dramatic recovery from its
   second-quarter 31.4% contraction, it's sharpest since the U.S. began
   keeping records in 1947, fueled by the worsening effects of the
   pandemic beginning in mid-March.

   The U.S. economy remains 3.5% smaller than it was at the end of 2019.
   Consumer spending, which accounts for more than two-thirds of U.S.
   economic activity, helped fuel the third quarter recovery. Consumption
   appears to have since cooled, however, with retail sales falling in
   October and November as household incomes fell when a government-funded
   weekly unemployment subsidy expired.

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