The economy continued to recover from one of the worst economic contractions ever. Economic growth as measured by GDP expanded by a historic 33.4 percent in the third quarter and is on track to produce mid-single-digit-growth in the fourth quarter. However, the economy falls short of its pre-crisis levels, with GDP still 3.5 percent below where it ended in 2019. The labor market remains depressed because of the pandemic, with nearly 10 million more people out of work than at the beginning of 2020.