From gdp report factcheck
> It’s true that third-quarter growth was the fastest on record in data going back to 1947. (See the full data set here.) But celebrating that number is like telling only half the story.
It’s impossible to ignore what happened immediately leading up to those gains: The US economy declined at a 31.4% annual rate — the deepest downturn on record.
A big reason the US posted record GDP this quarter is because there was a record decline in the prior quarter.
When you step back and look at that broader context, the US economy is still operating well below its pre-pandemic peak. Gross domestic product is still $670 billion lower than where it was at the end of 2019. The chart below tells that story more clearly than any words can. (See the full data here.)