Economists: U.S. Entered Recession In February Due To COVID-19

The US entered a recession in February, ending the longest economic expansion since 1854. The NBER declared this due to the severe impacts of COVID-19, which led to business closures and over 21 million job losses, raising unemployment to around 16%. The recession began as the economy peaked in February. Despite the downturn, recovery is underway with stimulus measures, and 2.5 million jobs were added in May. However, uncertainty remains about the recovery's strength and potential future COVID-19 waves.

When did the US officially enter a recession according to the NBER?

• February

• January

• April

• March

What was the unemployment rate estimated to be around during the recession?

• 12%

• 14.7%

• 10%

• 16%

What marks the beginning of a recession according to the NBER?

• When GDP falls

• When the previous economic expansion ends

• When the stock market crashes

• When unemployment rises

What helped the economy start recovering from the recession?

• Increased consumer spending

• Stimulus and support measures

• Tax increases

• Rising oil prices

How many jobs were added in May during the recovery phase?

• 4 million

• 3 million

• 2.5 million

• 1 million