Columbia Graduate Business School dean emeritus Glenn Hubbard reacts to Fed Chairman Jerome Powell’s statement on coronavirus economic recovery.
The U.S. economy grew at a record pace during the third quarter, according to a second estimate released Wednesday by the Commerce Department.
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Gross domestic product increased 33.1% during the three months through September, unrevised from the first estimate and in-line with the expectations of analysts surveyed by Refintiiv.
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The initial estimate released last month showed record growth as the U.S. economy battled back from its COVID-19-induced slowdown. The U.S. economy, the world’s largest, contracted at a 32.9% annualized pace in the second quarter as lockdowns aimed at slowing the spread of the virus caused activity to grind to a halt.
The second estimate included upward revisions to nonresidential fixed investment, residential investment and exports. Those were offset by downward revisions to state and local government spending, private inventory investment and personal consumption expenditures. Imports, which reduce GDP, were revised higher.
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A third estimate will be released on Dec. 22.
