It’s official: U.S. recession began in February
The U.S. economy entered a recession in February, a group of economists declared Monday, ending thejust as the novel coronavirus began swiftly spreading across the country.
The economists said employment peaked in February and fell sharply afterward, marking the beginning of the downturn as cases of COVID-19 metastasized throughout the U.S., soon killing thousands, shutting down millions of businesses and sparking stay-at-home orders for much of the nation’s population by mid-March.
What a difference a pandemic can make: Just weeks earlier in February, the jobless rate stood at 3.5%, the lowest rate in 50 years, and employers in February had. The subsequent job losses — tens of millions of newly unemployed Americans from March to May — were the seen in the U.S.
The …continued .
[Source: CBS News]