The Covid-19 recession is in the books as one of the deepest but also the shortest in U.S. history, the National Bureau of Economic Research said Monday.
"However, in deciding whether to identify a recession, the committee weighs the depth of the contraction, its duration, and whether economic activity declined broadly across the economy ," the release said.
"The recent downturn had different characteristics and dynamics than prior recessions. Nonetheless, the committee concluded that the unprecedented magnitude of the decline in employment and production, and its broad reach across the entire economy, warranted the designation of this episode as a recession, even though the downturn was briefer than earlier contractions," the statement added.
In any event, the Covid recession is easily the briefest in history, with the January-to-July 1980 pullback the next in line at six months. The longest ever ran from October 1873 to March 1879, a duration of 65 months. The decision in this case that the recession ended more than a year ago, however, was not a surprise. Many economists had, with annualized GDP rising 4.3% and 6.4% in the past two quarters and on track to jump 7.5% in the second quarter of 2021, according to the Atlanta Federal Reserve.
The NBER said it based its ruling as well on trends on both GDP and gross domestic income. Most economic indicators have returned to pre-Covid levels, though arguably the most important one, employment, has lagged. There are still 7.1 million fewer Americans at work now than they were in February 2020, before the pandemic began.Get stock picks, analyst calls, exclusive interviews and access to CNBC TV.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Covid in Scotland: Peterhead FC's team effort on Covid jabEight players from Peterhead FC were vaccinated together in the hope they can act as role models.
Leer más »
Covid-19: Ireland's top medical officers targeted by abusive callsGardaí are investigating reports of abusive calls to Ireland's chief medical officer and his deputy.
Leer más »
U.S. administers 337.74 mln doses of COVID-19 vaccines - CDCThe United States has administered 337,740,358 doses of COVID-19 vaccines in the country as of Sunday morning, the U.S. Centers for Disease Control and Prevention said.
Leer más »
Top U.S. Health Officials Continue Warning About COVID-19 MisinformationOn cable talk shows, Biden administration officials stuck to their message about the risks posed by misinformation on social media.
Leer más »
Coco Gauff Will Miss Olympics After Testing Positive For COVID-19The 17-year-old was expected to lead Team USA's 12-person tennis team at the Tokyo Games, which begin in just a few days.
Leer más »
Coco Gauff Will Not Represent Team USA at the Olympics After Testing Positive For COVID-19Coco Gauff released a statement on July 18 revealing she tested positive for COVID-19 and will not be competing in the Tokyo Olympics.
Leer más »