The economy grew at a record pace in the third quarter, the Commerce Department reported Thursday, recovering a good chunk of pandemic losses but still below where it ended 2019.

The gain in quarterly gross domestic product—the value of all goods and services produced across the economy—helps offset a record drop in output earlier in the year when the virus and related shutdowns disrupted business activity across the country. The economy rebounded in the third-quarter as businesses reopened, employers restored many jobs, the government provided trillions of dollars of aid and consumers resumed spending.

Forecasters expect the economy to expand through the fourth quarter, though more slowly, amid a pandemic still disrupting lives and commerce as the virus infects tens of thousands of people a day. Analysts project the economy will end 2020 smaller than a year earlier, but grow in 2021.


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