The U.S. economy officially entered into a recession in February, the group that labels downturns announced Monday, ending ...
- It's official: Recession began in February, ending longest U.S. expansion everCBS News7h
- It’s Official: The U.S. Recession Began in February
It’s Official: U.S. Economy Entered a Recession in February
The recession marks the end of the longest economic expansion on record.
By Claire Hansen, Staff Writer June 8, 2020, at 2:12 p.m.
THE U.S. ECONOMY officially entered into a recession in February, the group that labels downturns announced Monday, ending the longest economic expansion on record.
Economic activity "reached a clear peak" in February before entering a recession sparked by the coronavirus and pandemic-related shutdowns meant to slow the virus' spread, the National Bureau of Economic Research declared. The recession marks the end of a 128-month expansion that began in June 2009 – the longest since records began in 1854.
Recessions are generally defined as contractions in economic activity that last more than a few months. That definition is not concrete, however, and the bureau can determine when they begin and end based on a number of factors. The economic crisis sparked by the coronavirus and measures taken to control it has resulted in a recession with unique characteristics, the group said.
"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 group 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, even if it turns out to be briefer than earlier contractions."
The coronavirus has sparked the biggest economic downturn since the Great Depression. U.S. gross domestic product fell 5% in the first quarter and is expected to see the worst decline in history for the second quarter. Unemployment remains at staggering levels, despite rebounding in last week's jobs report.
Claire Hansen, Staff Writer
Claire Hansen is a staff writer who covers immigration, gun policy and marijuana policy, as ... READ MORE
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