Economy Grows at Record Pace in Third Quarter, Remains Below Pre-Pandemic Levels

The economy grew at a record pace during the third quarter as it rebounds from the coronavirus pandemic, although it has not fully recovered to its pre-pandemic heights.

GDP increased by an annualized rate of 33.1 percent during the third quarter, a stark contrast to the second quarter’s annualized rate of 31.4 percent contraction, the Commerce Department reported Thursday. The figure is a measure of how much the economy would have grown if the third quarter rate had endured for a whole year.