U.S. GDP grew at a 4.9% annual pace in the third quarter, better than expected
The U.S. economy grew at an annual pace of 4.9% in the third quarter of 2020, according to the Commerce Department. This was stronger than the 4.7% growth that had been expected by economists. This marks the fastest pace of growth since 2014, and is an indication of the economy’s recovery from the record-breaking recession earlier this year. consumer spending rose by an annual rate of 33.4%, business investment grew by 15.5%, and government spending rose by 2.9%.