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U.S. economy sees record growth in third quarter

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.

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.

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Biden legacy under threat as Taliban enters Kabul

Rarely has an American president's predictions been so wrong, so fast, so convincingly as President Biden on Afghanistan. Usually military operations and diplomacy are long; the outcomes, foggy. Not here.

Flashback: Just five weeks ago, President Biden assured Americans: "[T]he likelihood there’s going to be the Taliban overrunning everything and owning the whole country is highly unlikely."

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Cuomo asks New York AG and chief judge to choose "independent" investigator into sexual harassment claims

A special counselor to New York Gov. Andrew Cuomo released a statement on Sunday asking the state's attorney general and chief judge to jointly pick an "independent and qualified lawyer in private practice without political affiliation" to investigate claims of sexual harassment against the governor.

The state of play: The statement is an about-face from Cuomo, who had previously selected a former judge close to a top aide to lead the investigation, the New York Times reported, a move that was widely criticized.

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