The U.S. economy, without question, had an unexpectedly wild ride in 2020.
The coronavirus pandemic torpedoed the nation into its worst state since the Great Depression. The nation s GDP spiraled down 32.9% in the second quarter, the steepest contraction on record. At the peak of the crisis, about 22 million Americans found themselves out of work as unemployment spiked to a record 14.7% as reported by the Bureau of Labor Statistics.
While the economy, with the help of the Federal Reserve, the U.S. Treasury and Congress, is on the mend, 2021 is shaping up to be a year of recovery but not without the COVID hangover.