WASHINGTON: The U.S. economy grew at a record pace in the third quarter, fueled by more than $3 trillion in pandemic relief, the government confirmed on Tuesday, but appears to have lost momentum as the year drew to an end amid raging new COVID-19 cases and dwindling fiscal stimulus.
Gross domestic product rebounded at a 33.4% annualized rate last quarter, the Commerce Department said in its third estimate of GDP. That was revised slightly up from the 33.1% pace reported last month. It followed a 31.4% rate of contraction in the April-June quarter, the deepest since the government started keeping records in 1947.