The U.S. economy expanded at a 33.4% annual pace from July through September, the Commerce Department said Tuesday, Dec. 22, 2020 delivering the last of three estimates on the economys third-quarter performance.
(AP Photo/Steven Senne, file)WASHINGTON – The U.S. economy expanded at a record 33.4% annual pace from July through September, the Commerce Department said Tuesday, delivering the last of three estimates on the economy’s third-quarter performance.
But it's likely that a resurgence in coronavirus cases slowed growth sharply during the last three months of 2020.
Employers slashed 22 million jobs in March and April, then began to steadily recall furloughed workers.
But the United States is still 9.8 million short of the jobs it had February, and hiring has slowed every month since June.