The United States saw its sharpest contraction in growth since 1946 as the coronavirus pandemic hammered the economy last year, but while the country may be set for a recovery, it hasn’t arrived yet.

The world’s largest economy shrunk by 3.5 percent in 2020, the Commerce Department reported on Thursday, after Covid-19 rearranged daily life and forced many businesses to shut down or change their operations while laying off workers in droves.

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Those mass layoffs, which began in March as the pandemic intensified, continue to take a toll, with the Labor Department reporting nearly 1.3 million new claims for unemployment benefits filed last week.

Read more at Yahoo News.