The U.S. officially climbed out of a recession in April 2020, concluding a pandemic-driven economic contraction that lasted two months and was the shortest on record
The U.S. officially climbed out of a recession in April 2020, concluding a pandemic-driven economic contraction that began in February and at two months was the shortest on record.
The announcement Monday from the National Bureau of Economic Research also marks April as the official start of the economic recovery from the initial shock of the coronavirus pandemic last spring, which triggered widespread business and school closures, a steep drop in demand for services and record job losses.
The recession ended the country’s longest recorded economic expansion, which began in June 2009 and lasted 128 months, according to the bureau’s Business Cycle Dating Committee, the accepted arbiter of recession dates in the U.S. The committee uses a variety of indicators to identify the peaks and troughs that frame economic contractions, defining “recession” asspread across the economy that lasts more than a few months. The group typically waits until a business cycle is well under way before declaring it has started—it took more than a year to declare the end of the 2007-09 recession. But itshrank at a 5% annual rate
in the first quarter of 2020 and at a 31.4% pace in the second quarter, adjusted for inflation, the Commerce Department estimated. Then, output and jobs rebounded strongly in the second half of the year, with gross domestic product rising at a 33.4% annual rate in the third quarter and 4% pace in the fourth quarter.
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