The U.S. economy grew at a record pace during the third
quarter, according to a second estimate released Wednesday by the Commerce
Department.
Gross domestic product increased 33.1% during the three
months through September, unrevised from the first estimate and in-line with
the expectations of analysts surveyed by Refintiiv.
The initial estimate released last month showed record
growth as the U.S. economy battled back from its COVID-19-induced slowdown. The
U.S. economy, the world's largest, contracted at a 32.9% annualized pace in the
second quarter as lockdowns aimed at slowing the spread of the virus caused
activity to grind to a halt.
The second estimate included upward revisions to
nonresidential fixed investment, residential investment and exports. Those were
offset by downward revisions to state and local government spending, private
inventory investment and personal consumption expenditures. Imports, which
reduce GDP, were revised higher.
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