GDP numbers show massive growth but new layoffs remain high

GDP numbers show massive growth but new layoffs remain high

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The government released two sets of economic data Thursday.

October 29, 2020, 12:49 PM

• 2 min read

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Two sets of data released Thursday by the government paint different pictures of an economy entrenched in the middle of the coronavirus crisis.

Third-quarter GDP grew at a record 33.1% annualized rate, indicating the economy significantly clawed back losses over the past three months. The massive gains come as "efforts continued to reopen businesses and resume activities that were postponed or restricted due to COVID-19," the Commerce Department said.

Separately, the Labor Department said Thursday that another 751,000 people filed for unemployment insurance last week, showing the new layoffs are persisting.

This is a developing story. Please check back for updates.

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