Gross domestic product grew at its fastest rate on record in the third quarter as businesses ended shutdowns due to the pandemic, but the economy remains much smaller than before the virus hit. Even at the 7.4% pace clocked last quarter, GDP is still 3.5% lower than the end of last year — the greatest magnitude of loss since the Great Depression — and unlikely to make up that ground in 2020, according to The New York Times. A resurgent virus and the exhaustion of a federal stimulus provided in the spring are likely to dampen next quarter’s growth figures.
- New jobless claims reached 751,000 last week, the lowest in seven months but still almost twice the weekly average in March.
Read the rest and see the charts at: Economy