Gross Domestic Product declined 3.5% in 2020 due to pandemic, social and political unrest.
On Thursday, the Bureau of Economic Analysis within the Commerce Department released its summary of the U.S. economy in 2020. The report found that while the economy grew by 4 percent in the final quarter of the year, the economy declined by 3.5 percent overall. Economists believe the nation weathered the remarkable challenges of the pandemic and civil unrest in 2020 relatively well.
The Labor Department also released their monthly numbers for unemployment on Thursday, finding that 847,000 Americans are unemployed, which is slightly lower than the projected number. Federal economists expect that economic improvements will be made as the COVID-19 vaccine is rolled out.
Federal Reserve Chairman Jerome Powell said, “There is good evidence to support a stronger economy in the second half of this year.”
As the Lord Leads, Pray with Us…
- That God would guide the Commerce Department to gather information as accurately as possible on the U.S. economy.
- For the Lord to guide the president’s administration to grow the economy.
- That God would help the Labor Department in supporting employment.
Sources: AP, Fox News, CNBC
