Record spending, likely from delayed purchases, is being attributed to a record 40.7% jump in consumer spending and a gross domestic product gain of 33.1% for the U.S. economy in the third quarter of 2020, according to a report from the Associated Press.
Consumer spending returned after the shutdown this spring and accounted for two-thirds of economic activity. However, the recovery from the deepest recession since the 1930s remains far from complete as the Commerce Department’s estimate of Q3 regained only about two-thirds of the output that was lost early this year.
