The United States economy grew at its fastest pace on record in the third quarter, rebounding at an annual rate of 33.1 percent, the Bureau of Economic Analysis said on Thursday.
The blockbuster reading follows on from a record-shattering 31.4 percent contraction in the second quarter – and a negative 5 percent hit in the first quarter – when the economy officially entered a recession in February.
The balance signals that though the economy is crawling out of the deep hole dug by COVID-19, it still has a way to go to recapture its pre-pandemic strength.
Put simply, the economic crisis is not over.
Moreover, some sectors of the economy are recovering faster than others and those disparities are rippling through the fabric of American society in the form of deepening inequalities.
Those with a job and assets like stock portfolios and homes are doing well, while those who are