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Tuesday, September 21, 2021

US Gross Domestic Product (GDP) Surged a Record 33 Percent in Third Quarter

The United States economy grew at its fastest pace ever in this year’s third quarter as gross domestic product and services produced in the July-September period expanded at a 33.1 percent annualized pace.

The United States economy grew at its fastest pace ever in this year’s third quarter as gross domestic product and services produced in the July-September period expanded at a 33.1 percent annualized pace.

According to a Commerce Department Thursday report, the gain came after a 31.4 percent plunge in the second quarter of this year and was better than the 32 percent estimate from economists surveyed by the Dow Jones.

“It’s obviously good news that the economy bounced back in the third quarter. There’s still a lot of work to do here and the pace of improvement … is going to slow. The stimulus programs that provided much of the economic lift last quarter have expired or are expiring. Fiscal support is diminishing. That is part of the reason that the pace of growth is going to slow from here,” senior economist at Alliance Bernstein Eric Winograd told the media.

The powerful growth pace came after states across the United States shut down large swaths of activity in an effort to stem the spread of COVID-19.

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