The Commerce Department s snapshot of fourth-quarter gross domestic product on Thursday is also expected to show the recovery from the pandemic losing steam as the year wound down amid a resurgence in coronavirus infections and exhaustion of nearly $3 trillion in relief money from the government.
U.S. economy shrank 3.5% in 2020 after growing 4% last quarter
U.S. GDP contracted 3.5% in 2020 due to the impacts of the COVID-19 pandemic. / AP FILE PHOTO/JAE C. HONG WASHINGTON (AP) – Stuck in the grip of a viral pandemic, the United States economy grew at a 4% annual rate in the final three months of 2020 and shrank last year by the largest amount in 74 years. For 2020 as a whole, a year when the coronavirus inflicted the worst economic freeze since…
Register to keep reading or subscribe today and receive unlimited access.
U.S. economy contracted an estimated 3.5% in 2020, worst drop since WW2
The U.S. economy contracted 3.5 per cent in 2020, the Commerce Department reported Thursday, the worst economic freeze since the end of the Second World War.
Social Sharing
The Associated Press ·
Posted: Jan 28, 2021 10:37 AM ET | Last Updated: January 28
A person walks past the window of a closing department store in Boston in October. In 2020, the U.S. economy contracted for the first time in 11 years, it was confirmed Thursday in a Commerce Department report.(Steven Senne/The Associated Press)
U S economy shrank 3 5% in 2020 after growing 4% last quarter newsday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newsday.com Daily Mail and Mail on Sunday newspapers.
U.S. economy shrank 3.5% in 2020, deepest setback since World War II
People check in at a food bank held in December at Los Angeles Boys & Girls Club in the Lincoln Heights neighborhood of Los Angeles. (Jae C. Hong/AP Photo)
Published January 28. 2021 8:54AM | Updated January 28. 2021 8:55AM
By MARTIN CRUTSINGER, Associated Press Get the weekly rundown Email Submit
Washington Stuck in the grip of a viral pandemic, the U.S. economy grew at a 4% annual rate in the final three months of 2020 and shrank last year by the largest amount in 74 years.
For 2020 as a whole, a year when the coronavirus inflicted the worst economic freeze since the end of World War II, the economy contracted 3.5% and clouded the outlook for the coming year. The economic damage followed the eruption of the pandemic 10 months ago and the deep recession it triggered, with tens of millions of Americans left jobless.