The U.S. Economy Decreased 3.5 Percent Last Year

The U.S. economy contracted by 3.5 percent last year but performed better than expected and fared better than many other countries.

The COVID-19 pandemic has ravaged the U.S. economy, putting many businesses at a standstill, and killing over 430,000 people.

Growth in the economy slowed in the last quarter, amidst the resurgence of virus cases, which prompted further setback in economic activities.

Output increased at an annual rate of four percent in the last three months of 2020.

That was slower than many analysts had expected and down sharply from the rebound seen in the prior quarter.

Pollyanna Davy, Readers Bureau, Contributor

Edited by Jesus Chan

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