The U.S. economy slowed sharply in the last three months of the year from the previous quarter as the pandemic made a resurgence and businesses had to close.

A “store closed” sign is posted behind a locked gate at the California Surplus Mart, a store selling camping equipment and survival gear on July 16, 2020 in Los Angeles, California. – COVID-19 cases have been surging in the United States, particularly in states that were among the first to reopen and lift restrictions designed to halt the spread of the highly contagious virus. (Photo by Frederic J. BROWN / AFP) (Photo by FREDERIC J. BROWN/AFP via Getty Images)