Manufacturing, health care and leisure make the greatest contribution to GDP

In the third quarter, GDP grew by 7.5% over the same period last year, and the annualized increase was revised to 33.4%.

Manufacturing, health care and catering contributed to a record rebound in the US economy in the third quarter, reflecting, on the other hand, that such industries benefited most from the economic restart after the initial epidemic blockade.

According to a data report released by the commerce department on Tuesday, GDP grew 7.5% in the third quarter from a year earlier, an annualized increase of 33.4%, compared with 33.1% before revision. Personal spending accounts for about 2/3 of GDP, with a growth rate of 41 per cent.

The data report includes the first breakdown of the industry, with the exception of mining, all sectors made positive contributions to GDP during the quarter. Private service providers contributed 24.55 percent of GDP in the third quarter, while goods manufacturers contributed 7.45 percent.

Although GDP is growing at its fastest rate in history, the United States has just experienced its worst economic contraction since the Great Depression. The federal stimulus bill approved by Congress on Monday may help prevent the economy from falling again.

Recent data show that the economy is slowing again as a second wave of outbreaks and new shutdowns put pressure on the recovery. The latest figures showed that weekly jobless claims rose to a three-month high and retail sales fell more than expected in November.