Confirmed: The US Has Entered Recession, According to The National Bureau Of Economic Research
It has been confirmed by The National Bureau of Economic Research that the U.S, entered into another deep recession in March. This means the greatest expansion in U.S history has been erased. This confirmation did not surprise many people who study the economy. The country was smacked hard by the coronavirus and in the eyes of many, it was only a matter of time before the economy took a massive nosedive.
The pandemic hit America so hard that it caused states to closed down most businesses in the name of public safety. This led to massive unemployment that reached 14.7 percent. Around 45 million Americans were forced to apply for unemployment. This recession is believed to be so bad that some experts expect a 40 percent decline in GDP during the second quarter. According to experts, the economy shrunk by 4.8 percent during the first quarter.
According to The National Bureau of Economic Research, the conclusion that the country is in a recession is reached when the economy experiences back to back negative GDP. The group also looks at how deep the contraction was, how fast it took place, and which parts of the economy were hit. The group says that going by that logic we were in recession a few months back.
These findings fly in the face of Trump claiming that the economy is better than ever under his leadership. This also does not look good for Trump as we get closer to the November election. This may be another edge given to Democratic Nominee Joe Biden.