Staffing Industry Analysts (01/28/21)
US real gross domestic product increased at an annual rate of 4.0% in the fourth quarter following an increase of 33.4% in the third quarter, the US Bureau of Economic Analysis reported today. The data is based on an advance estimate.
The increases follow a decrease of 31.4% in the second quarter as the full impact of Covid-19 hit. Real GDP had also fallen 5.0% in the first quarter after posting growth of 2.4% in the fourth quarter of 2019.
CNN reported that GDP decreased by 3.5% in 2020 as a whole from the prior year. It was the worst annual decline since 1946. CNN also reported the increases in the third and fourth quarters of 2020 did not make up for the bad first and second quarters; the US remains below its pre-pandemic level.
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