The US recession caused by the coronavirus pandemic lasted two months, making it the lowest fall on record.
The National Bureau of Economic Research, which is considered the official judge of when the recession happened and how long it lasted, said on Monday that the US economy bottomed out in April 2020. The recession began in February last year, when economic activity had previously peaked. The beginning of the business shutdown by Covid-19 in the United States.
The second-smallest recession identified by the agency was a six-month jolt in the early 1980s.
The Bureau’s method of measuring the duration of a recession tracks the time between the peak and the hole in the economy. The group commented that it does not identify at what point the economy has entered recession or expansion.
“In determining whether a hole occurred in April 2020, the Committee did not conclude that the economy has returned to operations at normal capacity,” it said.
He added that any future economic slowdown would be classified as a new recession and not a continuation of last year, given the length and strength of the current correction.
US gross domestic product (GDP) expanded at an annual rate of 6.4% in the first quarter, compared to 4.3% in the last three months of 2020. The economy is expected to grow by 8% in the second quarter, according to a Reuters survey. Economist.