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.
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.
Forecasters expect to see stronger economic growth this year, if the new vaccination campaign is successful in getting control over the pandemic.
“There’s nothing more important to the economy now than people getting vaccinated,” Federal Reserve Chairman Jerome Powell said Wednesday.
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