U.S. GDP Soars 7.4% After Second Quarter Plunge

The transcript discusses the significant GDP improvement in the third quarter, attributed to the first round of economic relief. Despite this, the COVID-19 pandemic continues to pose a serious threat to the economy, with rising jobless claims and increasing COVID-19 cases in over 40 states. The uncertainty surrounding a new economic relief deal between the White House and Congress could impact consumer spending, which was crucial in the recent economic uplift.

What was reported by the Labor Department on the same day the GDP numbers were released?

What role did consumer spending play in the economy according to the text?