The U.S. economy grew at a record 33.1% annual rate in the July-September quarter but has yet to fully rebound from its plunge in the first half of the year - and the recovery is slowing as coronavirus cases surge and government aid dries up.
The Commerce Department’s estimate Thursday of third-quarter growth showed that the nation has regained only about two-thirds of the output that was lost early this year when the eruption of the virus caused the deepest recession since the Great Depression.
The economy is now weakening again and facing renewed threats.
Confirmed viral cases are surging.
Hiring has sagged.
Government stimulus has run out.
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