US economy suffers worst contraction in 74 years
By IANS |
Published on
Fri, Jan 29 2021 12:36 IST |
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Recovery plan pivotal for revival of NYC from Covid-19: expert. Image Source: IANS News
Washington, Jan 29 : The US economy contracted 3.5 per cent in 2020 amid the raging Covid-19 pandemic, the worst annual decline of the country s gross domestic product (GDP) since 1946, according to data released by the Commerce Department.
The data, unveiled on Thursday, also showed that the US economy grew at an annual rate of 4 per cent in the fourth quarter of 2020 amid an unabated resurgence, much slower than 33.4 per cent in the previous quarter, reports Xinhua news agency.
US suffers worst economic contraction in 74 years IANS
Washington: The US economy contracted 3.5 per cent in 2020 amid the raging Covid-19 pandemic, the worst annual decline of the country’s gross domestic product (GDP) since 1946, according to data released by the Commerce Department.
The data, unveiled Thursday, also showed that the US economy grew at an annual rate of 4 per cent in the fourth quarter of 2020 amid an unabated resurgence, much slower than 33.4 per cent in the previous quarter, reports Xinhua news agency.
Despite a partial economic rebound in the second half of last year, the economy shrank 3.5 per cent for the whole year of 2020, compared with an increase of 2.2 per cent in 2019, according to the Department.
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Original:
The Thursday Market Minute
Global stocks follow Wall Street lower as market volatility spikes amid retail-powered attacks on short-sellers, mixed tech earnings.
Apple blasts Q1 forecasts with a record $111.4 billion in sales, but declines to provide detailed current-quarter guidance.
Tesla misses on earnings and provides and unclear 2021 delivery outlook, while Facebook cautions on advertising headwinds after a solid Q4.
Wall Street s fear gauge, the VIX, rises the most since last March amid the ripple effects from retail-driven surges for stocks such as GameStop, AMC and Bed, Bath & Beyond.
The U.S. dollar rises to a 10-day high on foreign exchange markets, while benchmark 10-year Treasury note yields hold at 1.01%