The USA Officially Entered the Recession

National Bureau of Economic Research said recession started in February The American economy is in a state of economic recession putting an end to the longest-running economic growth in the history. This is the conclusion of the economic research organization. The National Bureau of Economic Research committee, which makes such rulings, said the recession started in February. The bureau defines the recession as “a decline in economic activity that lasts longer than a few months.” “When deciding to declare a recession, the committee takes into account the reduction depth, its duration and also evaluates how wide the range of industries affected by the decline in economic activity was. The committee recognizes that the pandemic and the public health response to it have led to a downturn with a wide range of characteristics,” the bureau said. The organization estimates that US GDP fell by 4.8 percent on annual basis in the first quarter of this year, while unemployment soared from 3.5 percent in January to 14.7 percent in April, falling to 13.3 percent in May.