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The Commerce Department says the U.S. economy grew just 1% in the last three months of the year, as a rise in coronavirus infections weighed on in-person businesses like restaurants.
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U.S. GDP grew at a record 33.1% annualized pace in the third quarter, erasing some but not all of the damage done by the coronavirus recession.
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The U.S. is expected to report record-setting economic growth in the most recent quarter. But that won't repair all of the damage done during the spectacular downturn three months earlier.
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For a decade, growing American gas production has fueled a petrochemical boom. There are big plans for more plants in Appalachia, but the pandemic — and an oversupply of plastics — may crush them.