"In deciding whether to identify a recession, the committee weighs the depth of the contraction, its duration, and whether economic activity declined broadly across the economy. U.S. gross domestic product fell at a 4.8% annualized rate in the first three months of the year. The outcome for the April to June period is expected to show an even worse annualized decline of perhaps 20% or more. The unemployment rate rose from a record low of 3.5% in February, hitting 14.7% in April and 13.3% last month. Since World War Two recessions have lasted from six to 18 months, nothing close to the 43-month downturn of the Great Depression that began in 1929.

Source: New York Times June 08, 2020 17:00 UTC