Oct. 29 (UPI) -- The U.S. economy expanded by 33% in the period between July and October, the Commerce Department said in a quarterly report Thursday -- roughly in line with what experts predicted.
Most analysts expected the third-quarter gross domestic product to show growth of about 32%, following a precipitous 31% decline in the April to July period.
"The increase in real GDP reflected increases in personal consumption expenditures, private inventory investment, exports, nonresidential fixed investment and residential fixed investment that were partly offset by decreases in federal government spending," the department said in a statement.
The second-quarter dip shattered the previous record for decline over a three-month quarterly period.
The U.S. economy declined by 5% in the first quarter of 2020 -- a relatively small dip as the COVID-19 crisis didn't arrive in the United States until nearly the end of the quarter.
Many analysts expected the third quarter figures to show significant growth in GDP, which represents the total value of goods and services provided in the United States.
Thursday's growth figure easily surpasses the all-time quarterly growth record of 16.7% in 1950. The Commerce Department's report and Thursday's unemployment assessment are the final economic measures before the presidential election on Tuesday.
The final jobs report before the election showed an addition of about 660,000 payrolls during the month of September.