Business
US economy posts spectacular growth in third quarter – The Australian Financial Review
While the US economy expanded 7.4 per cent in the September quarter, it does little to ease the human tragedy inflicted by the coronavirus pandemic.
But while business reopenings fueled a vigorous rebound, it doesn’t offset the prior loss because the economy was smaller after the big drop. The nation’s third-quarter GDP was still about 3.5 per cent (non-annualised) below its pre-virus level in late 2019. GDP isn’t expected to return to its pre-pandemic level until late next year.
“We anticipate a much slower second phase of the recovery,” says economist Gregory Daco of Oxford Economics, adding that the economy has recouped about two-thirds of…
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