The National Bureau of economic research said the recession began in February.
The American economy is in a state of economic recession, putting an end to the most extended economic growth in history.
This is the conclusion of an economic research organization.
The Committee at the National Bureau of economic research, which makes such definitions, said that the recession began in February.
The Bureau defines a 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 depth of the reduction, its duration, and also assesses 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 have led to a decline with a variety of characteristics, ” the Bureau said in a statement.
The organization estimates that US GDP fell by 4.8 percent year-on-year in the first quarter of this year, and unemployment soared from 3.5 percent in January to 14.7 percent in April, falling to 13.3 percent in May.