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Surge in virus threatens to reverse global economic rebounds

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Posted at 1:24 PM, Oct 29, 2020
and last updated 2020-10-29 14:24:44-04

WASHINGTON (AP) - The resurgence of coronavirus cases engulfing the United States and Europe is imperiling economic recoveries on both sides of the Atlantic as millions of individuals and businesses face the prospect of having to hunker down once again.

Growing fear of an economic reversal coincided with a report Thursday that the U.S. economy grew at a record 33.1% annual rate in the July-September quarter.

Even with that surge, the world's largest economy has yet to fully rebound from its plunge in spring when the virus first erupted.

And now the economy is slowing just as new confirmed viral cases accelerate and rescue aid from Washington aid has dried up.

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