China News Service, Washington, October 29 (Reporter Sha Hanting) The U.S. Department of Commerce released preliminary data on the 29th local time showing that the U.S. economy fell by a record 31.4% in the second quarter and gross domestic product (GDP) in the third quarter. The annual growth rate is 33.1%, but it is still lower than the level before the outbreak of the new crown.

  Data show that in the third quarter of this year, personal consumption expenditure, which accounts for about 70% of the US economy, grew by 40.7%, becoming the main driving force for economic growth in the quarter.

Non-residential investment in fixed assets, which reflects the investment status of enterprises, increased by 20.3%, but did not offset the 27.2% decline in the previous quarter.

The US federal government's third-quarter spending fell by 6.2%.

In the previous quarter, federal government spending increased by 16.4%.

  According to data released by the US Department of Labor on the 29th, in the week ending October 24, 751,000 people in the US still applied for unemployment benefits for the first time.

  Analysts believe that the economic rebound in the third quarter of the United States was mainly due to the reopening of businesses and rising consumer spending. However, the third quarter GDP of the United States was still 3.5% lower than the peak before the epidemic, and 2.9% lower than the same period last year.

  Regarding the economic situation of the United States in the fourth quarter, analysis believes that the recent rebound of the new crown pneumonia epidemic and the failure of the two parties in Congress to reach a new round of economic stimulus plan agreement will drag the US economy.

  The US Department of Commerce usually estimates quarterly GDP data three times based on continuously improving information.

The final revised GDP value for the third quarter will be announced on November 25.

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