UNCHANGED FROM EARLY ESTIMATE, US ECONOMY GREW 33.1% IN Q3

The second of three estimates on U.S. growth for the July-September quarter was unchanged at a record pace of 33.1%. But a resurgence in the coronavirus is expected to slow growth sharply in the current quarter with some economists even raising the specter of a double-dip recession.

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While the overall increase in the country’s total output of goods and services was static, the Commerce Department reported Thursday, some components were revised.

Bigger gains in business investment, housing and exports were offset by downward revisions to state and local government spending, business inventories and consumer spending.

The 33.1% gain was the largest quarterly gain on records going back to 1947 and surpassed the old mark of a 16.7% surge in 1950.