WASHINGTON: A new report has revealed that the US recession in 2020 caused by the Coronavirus pandemic in the past two months, making it the shortest to the record in this country.
“The Committee has determined that a trough in monthly economic activities occurred in the US economy in April 2020.
The previous peak in economic activities occurred in February 2020.
Recession lasted two months,” National National Research Bureau based in Massachusetts (NBER)) said in the report which was released on Monday.
The Committee concluded that the magnitude of the decline in employment and production that had been unprecedented, and wide reach throughout the economy, guaranteeing the appointment of this episode as a recession, although the decline was three of the previous contractions, the Xinhua news agency quoted NB.
It also decided that every economic decline in the future will be a new recession and not a continuation of the recession associated with the peak of February 2020, according to nber.
Analysts often refer to recession as two consecutive contraction in gross domestic product (GDP).
However, in the US, nber formally determines when the recession begins and ends on various factors.
Jason Furman, former Chairman of the White House Economic Advisory Council, said on Monday that formal nber decisions meant the US economy began to not be bad after April 2020, but, in many ways, it was still far below.
The US economy contracted 3.5 percent in 2020 amid pandemic, the largest annual GDP decline since 1946, according to the Ministry of Commerce.
Covid-induced US recession lasts 2 months: Report
