By CATHERINE THORBECKE, ABC News
(WASHINGTON) — Two sets of data released Thursday by the government paint different pictures of an economy entrenched in the middle of the coronavirus crisis.
Third-quarter GDP grew at a record 33.1% annualized rate, indicating the economy significantly clawed back losses over the past three months. The massive gains come as “efforts continued to reopen businesses and resume activities that were postponed or restricted due to COVID-19,” the Commerce Department said.
Separately, the Labor Department said Thursday that another 751,000 people filed for unemployment insurance last week, showing the new layoffs are persisting.
Copyright © 2020, ABC Audio. All rights reserved.