The U.S. economy grew at an unrivalled pace in the third quarter as the government poured out more than $3 trillion US worth of pandemic relief that fuelled consumer spending, but the deep scars from the COVID-19 recession could take a year or more to heal.
Gross domestic product rebounded at a 33.1 per cent annualized rate last quarter, the Commerce Department said in its advance estimate on Thursday. That was the fastest pace since the government started keeping records in 1947 and followed a historic shrinkage rate of 31.4 per cent in the second quarter.
The GDP report — one of the…
