U.S. GDP grew at a record 33.1% annualized pace in the third quarter, erasing some but not all of the damage done by the coronavirus recession.

The U.S. is expected to report record-setting economic growth in the most recent quarter. But that won't repair all of the damage done during the spectacular downturn three months earlier.

The coronavirus triggered the sharpest economic contraction in modern history in the second quarter as the pandemic hammered the economy, the Commerce Department said Thursday.