US economy grew at a record pace in the summer

Projected for the year, 33 percent GDP growth in the third quarter

The US economy posted record growth in the summer quarter after the corona-related slump in the spring. The gross domestic product (GDP) rose from July to September on an annualized basis by 33.1 percent, as the Department of Commerce in Washington announced on Wednesday. This confirmed an earlier estimate exactly. In the spring, GDP fell by 31.4 percent.

In light of the ongoing coronavirus wave in the US, Federal Reserve Chairman Jerome Powell recently reported a slowdown in the economic recovery. The pandemic could prevent citizens from participating in economic life. This could damage the economy.