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US entered recession in February as coronavirus derailed economy: NBER | TheHill
The U.S. entered a recession in late February as the outbreak of the coronavirus pandemic derailed a record stretch of U.S. growth, according to the non-profit research group that charts U.S. business cycles.
The National Bureau of Economic Research (NBER) said Monday that the collapse of U.S. economic activity in February marked the formal end of the recovery from the Great Recession and the beginning of another protracted downturn.
NBER typically defines a recession as two consecutive fiscal quarters — or roughly 180 days — of consistent economic retraction. While the coronavirus-driven downturn has only lasted slightly more than three months, NBER said the depth and unprecedented speed of the collapse “warrants the designation of this episode as a recession, even if it turns out to be briefer than earlier contractions.”
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I was expecting them to announce the second Great depression with all the business failures & Depression-era unemployment.
The U.S. entered a recession in late February as the outbreak of the coronavirus pandemic derailed a record stretch of U.S. growth, according to the non-profit research group that charts U.S. business cycles.
The National Bureau of Economic Research (NBER) said Monday that the collapse of U.S. economic activity in February marked the formal end of the recovery from the Great Recession and the beginning of another protracted downturn.
NBER typically defines a recession as two consecutive fiscal quarters — or roughly 180 days — of consistent economic retraction. While the coronavirus-driven downturn has only lasted slightly more than three months, NBER said the depth and unprecedented speed of the collapse “warrants the designation of this episode as a recession, even if it turns out to be briefer than earlier contractions.”
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I was expecting them to announce the second Great depression with all the business failures & Depression-era unemployment.