U.S. Economy Slows Sharply As Pandemic Resurges - by Scott Horsley

The nation's economic engine slowed considerably in recent months, as it faced off against a winter wave of coronavirus infections.

The Commerce Department reported Thursday that the nation's gross domestic product grew just under 1% in October, November and December — a marked downshift from the three previous months. On an annualized basis, the economy grew 4% in the fourth quarter.

GDP was 2.5% smaller at the end of the year than when it began. Economic activity plunged last March and April when the pandemic took hold. The economy staged a partial comeback in the summer and early fall, only to falter in the last three months of the year.

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