It may seem obvious, with double-digit unemployment and plunging economic output. But if there was any remaining doubt that the U.S. is in a recession, it’s now been removed by the official scorekeepers at the National Bureau of Economic Research. From a report: The NBER’s Business Cycle Dating Committee — the fat lady of economic opera — says the expansion peaked in February after a record 128 months, and we’ve been sliding into a pandemic-driven recession ever since. In making the announcement, the committee pointed to the “unprecedented magnitude of the decline in employment and production, and its broad reach across the entire economy.” At the same time, the committee noted the recession could be short-lived. The U.S. added 2.5 million jobs last month, after losing more than 22 million in March and April. Many forecasters expect economic output to begin growing again in the third quarter.
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Source:: Slashdot