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.

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