U.S. ECONOMY SHRINKS BY MOST IN 74 YEARS

Stuck in the grip of a viral pandemic, the U.S. economy shrank last year by the most in 74 years.

Despite a 4% jump in the final three months, for 2020 as a whole the economy contracted by

3.5%, clouding the outlook for the coming year.

The economic damage followed the eruption of the pandemic 10 months ago and the deep recession it triggered, with tens of millions of Americans left jobless.

The outlook for 2021 remains hazy. Economists warn that a sustained recovery won’t likely take hold until vaccines are distributed and administered nationwide and government-enacted rescue aid spreads through the economy — a process likely to take months. In the meantime, millions of Americans continue to struggle.