The US economy expanded by 33.1% q/q in Q3

There were large increases in personal consumption expenditures (at an annualized rate of 40.7%)
There were large increases in personal consumption expenditures (at an annualised rate of 40.7%)
There were large increases in personal consumption expenditures (at an annualized rate of 40.7%)

As economic activity returned to more normal levels following the COVID-19 restrictions earlier in the year, GDP in the US increased in real terms at a seasonally adjusted annualised rate of 33.1% in Q3 2020, according to the advance estimate published by the Bureau of Economic Analysis, after contracting by 31.4% in Q2. 

There were large increases in personal consumption expenditures (at an annualized rate of 40.7%)
There were large increases in personal consumption expenditures (at an annualised rate of 40.7%) and gross private domestic investment (83%), ensuring a large contribution to GDP growth from domestic demand. Goods and services exports increased (by 59.7%), but with the strong recovery in domestic demand imports growth was stronger (at 91.1%), providing a negative contribution from the foreign balance (net exports). Moreover, government spending at the federal, state and local levels declined.

Further data and analysis on the US economy could be found on the CEIC US Economy in a Snapshot – Q3 2020 report.

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2nd November 2020 The US economy expanded by 33.1% q/q in Q3