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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.

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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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