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Record GDP Surge to Mask Moderation in U.S. Economic Rebound

  • Growth reflects business reopenings, resilient consumer
  • Economy likely to remain smaller than pre-virus for some time
Overall economic activity will likely remain below its pre-pandemic level for some time, even though some sectors such as retail sales have made comebacks.

Overall economic activity will likely remain below its pre-pandemic level for some time, even though some sectors such as retail sales have made comebacks.

Photographer: Jeenah Moon/Bloomberg
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The U.S. is about to report the fastest quarterly growth on record after businesses reopened following pandemic shutdowns and consumers proved resilient.

But the headline number, like the record contraction preceding it, obscures key parts of the story.