JUST IN: The National Bureau of Economic Research has declared that the U.S. started a recession in March, pointing to the 'unprecedented magnitude of the decline in employment and production' across the economy.
Boxes of food are loaded on vehicles last month at the Los Angeles Regional Food Bank. The country has officially entered a recession amid the pandemic, the National Bureau of Economic Research said Monday.Frederic J. Brown/AFP via Getty Images
Boxes of food are loaded on vehicles last month at the Los Angeles Regional Food Bank. The country has officially entered a recession amid the pandemic, the National Bureau of Economic Research said Monday.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.
The bureau's Business Cycle Dating Committee — the fat lady of economic opera — said the expansion peaked in February after a record 128 months, and we've been sliding into a pandemic-driven recession since.
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