US economy grows by 33% but faces renewed threat from pandemic

A passer-by walks past a store closing sign as the US economy faces fresh problems (Steven Senne/AP)

The US economy grew at a record 33.1% annual rate in the July-September quarter but has yet to fully rebound from its plunge in the first half of the year, new figures show.

The Commerce Department’s estimate of third-quarter growth showed that the nation has regained only about two-thirds of the output that was lost early this year when the eruption of coronavirus closed businesses and threw tens of millions out of work.