The U.S. economy grew at a 33.1% annualized pace in the third quarter, the Commerce Department said on Thursday.

The state of play: The record growth follows easing of the coronavirus-driven lockdowns that pushed the economy to the worst-ever contraction — but GDP still remains well below its pre-pandemic level.

What they're saying: "When you go from having an essentially complete lockdown to opening up, that allows the economy to bounce back a bit like a compressed spring," Nathan Sheets, chief economist at asset management firm PGIM Fixed Income, tells Axios.

• But "the economy is slowing dramatically" now, says Sheets — pointing to dried-up federal stimulus negotiations and a worsening nationwide coronavirus surge that could weigh on economic growth.

The bottom line: The U.S. economy has clawed back some of its pandemic losses, but still has a long way before a full recovery.