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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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Exclusive: How a suspected Chinese spy gained access to California politics

A suspected Chinese intelligence operative developed extensive ties with local and national politicians, including a U.S. congressman, in what U.S. officials believe was a political intelligence operation run by China’s main civilian spy agency between 2011 and 2015, Axios found in a yearlonginvestigation.

Why it matters: The alleged operation offers a rare window into how Beijing has tried to gain access toand influence U.S. political circles.

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