US economy grows 7.4 % in Sept quarter after Covid-induced plunge

The US economy bounced back with a record yet temporary surge of growth in the third quarter as businesses reopened and stimulus cash powered consumer spending, reversing much of the collapse stemming from coronavirus-enforced lockdowns.
 

Just as the second-quarter plunge in output was the biggest in seven decades of data, so too was the third-quarter rebound: Gross domestic product grew 7.4%, a quarterly gain that equals an annualized pace of 33.1%, the Commerce Department’s initial estimate showed Thursday.
 

The figure topped economists’ estimates for a 32% increase, which was already well above forecasts three months ago for an 18% gain.