February’s losses ended the longest period of economic expansion on record.
A notice seen hanging at a T-Mobile store announcing its closure amid the coronavirus pandemic in“A peak in monthly economic activity occurred in the U.S. economy in February 2020,” the NBER said, after which the economy began to fall amid stay-at-home orders and business closures caused by the coronavirus pandemic.
The downturn marked the end of a record period of expansion that lasted for 128 months after the Great Recession; the previous record was held by the expansion cycle that lasted 120 months, from March 1991 to March 2001. The current recession is severe as unemployment skyrockets to levels not seen since the Great Depression, but investors are pinning their hopes on a quick recovery as economies begin reopening.
The NBER’s Business Cycle Dating Committee—the group that determines official recessions and expansion periods—said that the current recession has a different characteristic than previous ones because it was sparked by a virus .While Friday’s optimistic jobs news showed the U.S. added 2.5 million jobs in May rather than the loss of 9 million that most experts were expecting, the economy is not yet out of the woods.
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