WASHINGTON — The United States economy officially entered a recession in February 2020, the committee that calls downturns announced on Monday, bringing the longest expansion on record to an end as the coronavirus pandemic caused economic activity to slow sharply. A recession begins when the economy reaches a peak of activity and ends when it reaches its trough. This downturn is the first since 2009, when the last recession ended, and marks the end of the longest expansion — 128 months — in records dating back to 1854. Most economists expect this recession to be both particularly deep and exceptionally short, perhaps just a few months, as states reopen and economic activity resumes. The National Bureau of Economic Research, a nonprofit group that tracks economic cycles in the United States, noted the unusual circumstances surrounding the slump in its announcement.

Source: New York Times June 08, 2020 18:57 UTC