WASHINGTON – The U.S. economy slowed markedly but didn’t collapse in the last three months of 2020, the Commerce Department reported Thursday, even as thousands of businesses have been forced to curtail their operations because of the still surging coronavirus pandemic.
The U.S. national economy, the world’s largest, grew by 1% in the October-to-December period, down from a robust 7.5% advance in the previous three months.
With the sharp economic decline recorded at the height of the pandemic earlier in the year, the U.S. economy slumped 3.5% in 2020 from the prior year, the Commerce agency reported. By comparison, the economy gained 2.2% in 2019.
Still, the 2020 decline was not as severe as some financial experts had…