Last year's American economy shrank the most since 1946
New York (CNN Business)The US economy grew at an annualized and seasonally adjusted rate of 4% in the fourth quarter of 2020, just as economists had predicted, the Commerce Department reported Thursday. But that didn't make up for a bad first quarter and an historically awful second quarter.
For 2020 as a whole, GDP decreased by 3.5% from the prior year. That was the worst decline since 1946.
It was the first time US GDP declined since 2009, when it fell 2.5% during the the financial crisis.
If it wasn't for the current crisis, a 4% quarterly growth rate would be a great number. But the nation is still far from its pre-pandemic economic glory and this pace of growth just won't cut it.
More at:
https://www.cnn.com/2021/01/28/economy/us-fourth-quarter-gdp/index.html