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by Eric Boehm
Data released Thursday morning show that the U.S. economy has experienced record-breaking growth during the past three months, but also reveal that the country has a long way to go to get out of the hole created by the COVID-19 pandemic.
The Department of Commerce’s preliminary estimate of third-quarter gross domestic product growth, the last major economic report to be released before the presidential election on Nov. 3, estimates that the economy grew by 33.1 percent from July through September. That comes after a stunning 31.4 percent contraction in the previous three months—during which much of the country was paralyzed by coronavirus-related economic shutdowns.