The U.S. entered a recession in February, according to the official economic arbiter
New Jersey First Lady Tammy Murphy hands out bags containing meals, face masks and other personal protective supplies to residents in need outside the NAN Newark Tech World during the outbreak of the coronavirus disease (COVID-19) in Newark, New Jersey, May 6, 2020.
Mike Segar | Reuters
The worst U.S. downturn since the Great Depression is now officially a recession, according to the National Bureau of Economic Research.
Though it seemed a foregone conclusion, the NBER, the official arbiter of recessions, made the declaration Monday as the nation tries to recover from the coronavirus pandemic.
“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 NBER’s Business Cycle Dating Committee said in a statement. “Nonetheless, it concluded that the unprecedented magnitude of the decline in employment …continued .
[Source: CNBC News]