One of the last major economic report cards of the Trump era lends perspective to the historic damage caused by the pandemic, which continued to weigh on growth in the final quarter of 2020.
By the numbers: The U.S. economy grew at a 4% annualized pace in the fourth quarter, a sharp slowdown in growth compared to the prior quarter. For the full year, the economy shrank by 3.5% — the first annual contraction since the financial crisis and the worst decline since 1946.
What happened: A resurgence in coronavirus cases and a delay in additional government aid contributed to the pullback in growth. In the third quarter, the U.S. economy grew at a 33.4% annualized pace. Continue reading.