US economy shrank 3.5 percent in 2020 after growing 4 percent last quarter
By Associated PressUpdated January 28, 2021, 8:45 a.m.
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A shopper walks through the Shops & Restaurants at Hudson Yards mall in New York.Peter Foley/Bloomberg
WASHINGTON (AP) â 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.
Jan 28, 2021
In this Dec. 17 file photo, people check in at a food bank held at Los Angeles Boys & Girls Club in the Lincoln Heights neighborhood of Los Angeles. The U.S. economy grew at a 4 percent annual rate in the final three months of 2020, but shrank last year by the largest amount in 74 years, largely due to the coronavirus pandemic. (AP Photo/Jae C. Hong,File)
WASHINGTON (AP) Stuck in the grip of a viral pandemic, the U.S. economy grew at a 4 percent annual rate in the final three months of 2020 and shrank last year by the largest amount in 74 years.
January 28, 2021 | 6:40 pm Font Size
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The New York Stock Exchange (NYSE) is seen in the financial district of New York, US, Jan. 13, 2021. REUTERS/SHANNON STAPLETON/FILE PHOTO
WASHINGTON The US economy likely contracted at its sharpest pace since World War II in 2020 as coronavirus disease 2019 (COVID-19) ravaged services businesses like restaurants and airlines, throwing millions of Americans out of work and into poverty.
The Commerce Department’s snapshot of fourth-quarter gross domestic product (GDP) 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.
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LONDON (Thomson Reuters Foundation) - Joe Biden takes office as U.S. president on Wednesday with a long list of LGBT+ policy pledges - from scrapping Donald Trump’s ban on transgender military recruits to passing an anti-discrimination law.
The former vice president has promised to appoint a cabinet that “looks like America”, nominating former rival for the Democratic presidential candidacy Pete Buttigieg as the first openly gay cabinet secretary, at the Transportation Department.
Activists said the incoming administration had spoken with numerous LGBT+ advocacy groups since the Nov. 3 election, expressing optimism that a Biden White House would move swiftly to make good on its policy pledges.
What are US President-Elect Joe Biden s LGBT+ policy plans?
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Last Updated: Jan 19, 2021, 07:08 PM IST
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The former vice president has promised to appoint a cabinet that looks like America , nominating former rival for the Democratic presidential candidacy Pete Buttigieg as the first openly gay cabinet secretary, at the Transportation Department.
Reuters
Jamal Brown, a spokesman for Biden s transition team, said the president-elect was committed to advancing the most pro-equality agenda in history .
Joe Biden takes office as U.S. president on Wednesday with a long list of LGBT+ policy pledges - from scrapping Donald Trump s ban on transgender military recruits to passing an anti-discrimination law.