After reporting a record contraction in U.S. economic activity in the previous quarter, the Commerce Department released a report on Thursday showing the economy rebounded by more than expected in the third quarter.
The Commerce Department said real gross domestic product skyrocketed by 33.1 percent in the third quarter after plunging by 31.4 percent in the second quarter. Economists had expected GDP to soar by 31.0 percent.
The substantial rebound in GDP reflected increases in consumer spending, private inventory investment, exports, non-residential fixed investment, and residential fixed investment.
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