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- Sep 22, 2018
- Underground in America
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And it started in February.
The longest economic expansion in American history is officially over. The National Bureau of Economic Research declared Monday that the recession began in February.
Another one thanks to a Republican. According to the rule, it'll take a Democrat to get us out of it.The economy collapsed so rapidly that NBER wasted no time in announcing a recession, a stark contrast to previous downturns when the body took upwards of a year to declare what most people already knew. This was the fastest that NBER has declared any recession since the group began formal announcements in 1979.
Social distancing requirements imposed to fight the pandemic have crushed broad swaths of the US economy, from airlines and cruise ships to restaurants and Broadway shows.
"The unprecedented magnitude of the decline in employment and production, and its broad reach across the entire economy, warrants the designation of this episode as a recession, even if it turns out to be briefer than earlier contractions," NBER wrote.