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But the 3.5% fall in 2020 still marked the sharpest contraction since the 1940s, the US Commerce Department said.
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The US economy shrank by 3.5% in 2020, less than expected, which is good but the recovery in the last quarter wasn't as strong as expected, which is less good. By way of comparison the IMF believes that the UK economy shrank by 10% last year.
However, despite the comparative success of massive US stimulus programmes, the fact that unemployment is still nearly 19m is a major cause for concern, and there's little sign of this picking up in the first few months of 2021.