The United States National Bureau of Economic Research said on Monday that the American economy entered a recession in February after hitt...
The United States National Bureau of Economic Research said on Monday that the American economy entered a recession in February after hitting a peak. This is the first time the economy has gone into recession since the global financial crisis of 2008-’09, as the coronavirus pandemic has forced America to go into lockdown.
Most economists expect this recession to be both particularly deep and exceptionally short, The New York Times reported. This is because economic activity has restarted in the country as the pandemic has passed its peak.
The United States has reported over 19.6 lakh cases and 1.1 lakh deaths, according to the Johns Hopkins University. Both figures are by far the highest for any country.
“The committee recognizes that the pandemic and the public health response have resulted in a downturn with different characteristics and dynamics than prior recessions,” the Business Cycle Dating Committee of the National Bureau of Economic Research said. “Nonetheless, it concluded that the unprecedented magnitude of the decline in employment and production, and its broad reach across the entire economy, warrants the designation of this episode as a recession...”
But Robert Gordon, a Northwestern University economist and a member of the dating committee, told The New York Times that a recovery had already begun in April or May. The National Bureau...
