U.S. economy scores record Q3 rebound

The U.S. economy grew at its fastest pace ever in the third quarter.

Gross Domestic Product - or GDP - surged at 7.4 percent - that’s 33% on an annualized basis.

That was the fastest pace since the government started keeping records in 1947 and followed a historic shrinkage in the second quarter.

The GDP report is one of the last major economic scorecards before next week’s presidential election and President Donald Trump seized on it - tweeting, Thursday: "GDP number just announced. Biggest and Best in the History of our Country, and not even close. Next year will be FANTASTIC!!! "

But deep scars from the recession could take a year or more to heal.

U.S. output remains below its level in the fourth quarter of 2019, a fact Trump’s Democratic challenger Joe Biden is almost certain to highlight.

The government’s rescue package provided a lifeline for many businesses and the unemployed, juicing up consumer spending, which on its own powered the surge in GDP.

But government funding has since been depleted with no deal in sight for another round of relief.

New COVID-19 cases are spiraling across the country, forcing restrictions on businesses like restaurants and bars. Just over half of the more than 22 million jobs lost during the health crisis have been recouped, and layoffs persist…

The Labor Department reported Thursday that 751,000 Americans filed for state unemployment benefits last week. Though claims have dropped from records set in March, they remain above the peak seen during the Great Recession.