Business
The US economy records worst year since end of WWII – Sydney Morning Herald
Stuck in the grip of a viral pandemic, the US economy suffered its biggest hit in 74 years.
On Thursday, for example, the government reported that while applications for unemployment benefits declined last week, they remained at a historically high 847,000, evidence that companies keep cutting jobs as the pandemic continues to rage. Before the virus erupted in the United States in March, weekly applications for jobless aid had never topped 700,000, even during the Great Recession.
Even as the economy shrank last year, the stockmarket managed to rise sharply, with the S&P 500 index gaining…
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