The United States saw its sharpest contraction in growth since 1946 as the coronavirus pandemic hammered the economy last year, but while the country may be set for a recovery, it hasn’t arrived yet.
The world’s largest economy shrunk by 3.5 percent in 2020, the Commerce Department reported on Thursday, after Covid-19 rearranged daily life and forced many businesses to shut down or change their operations while laying off workers in droves.
Those mass layoffs, which began in March as the pandemic intensified, continue to take a toll, with the Labor Department reporting nearly 1.3 million new claims for unemployment benefits filed last week.
The data underscores the job awaiting President Joe Biden, who took office just over a week ago promising to get the country back on track with a $1.9 trillion spending proposal that’s an initial salvo against the twin economic and health crises.
Click here to read more.