US economy contracts in 2020; worst performance since 1946

The US economy contracted at its sharpest pace since World War Two in 2020 as COVID-19 ravaged services businesses like restaurants and airlines, throwing millions of Americans out of work and into poverty.

The economy contracted 3.5 percent in 2020, the worst performance since 1946. That followed 2.2 percent growth in 2019 and was the first annual decline in GDP since the 2007-09 Great Recession. The economy plunged into recession last February.