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  • Theo.

  • US economy grew at its fastest pace ever in the third quarter.

  • Gross domestic product, or GDP, surged at 7.4%.

  • That's 33% on an annualized basis.

  • That was the fastest pace since the government started keeping records in 1947 and followed a historic shrinkage in the second quarter.

  • The GDP report is one of the last major economic scorecards before next week's presidential election, and President Donald Trump seized on it tweeting Thursday.

  • GDP number just announced biggest and best in the history of our country and not even close.

  • Next year will be fantastic, But deep scars from the recession could take a year or more to heal.

  • U.

  • S output remains below its level in the fourth quarter of 2019.

  • Ah, fact, Trump's Democratic challenger, Joe Biden, is almost certain toe highlights.

  • The government's rescue package provided a lifeline for many businesses and the unemployed, juicing up consumer spending, which on its own powered the surgeon GDP.

  • But government funding has since been depleted, with no deal in sight for another round of relief.

  • New Cove in 19 cases, air spiraling across the country, forcing restrictions on businesses like restaurants and bars.

  • Just over half of the more than 22 million jobs lost during the health crisis have been recouped and layoffs persist.

  • The Labor Department reported Thursday that 751,000 Americans filed for state unemployment benefits last week.

  • The claims have dropped from records set in March.

  • They remain above the peak seen during the great recession.

Theo.

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