The National Bureau of Economic Research (NBER) stated that the economic recession caused by the new type of corona virus (Covid-19) in the USA lasted only 2 months, and reported that this was the shortest recession in the history of the country.
NBER announced that the Business Cycle Dating Committee, which keeps the chronology of the peaks and troughs of business cycles, determined that the recession due to Covid-19 ended in April 2020.
In the statement, which stated that the recession lasted for 2 months, it was stated that this was the shortest economic recession in the history of the USA.
In the statement, it was noted that all basic indicators regarding employment and production pointed to April 2020 as the bottom point in economic activity.
NBER said in a statement that the Committee determined that a trough had occurred in April 2020, but was unable to conclude that the economy had returned to operating at normal capacity.
Pointing out that the last recession has different characteristics and dynamics from the previous ones, the statement said, “However, the Committee concluded that the unprecedented magnitude of the decline in employment and production and its wide impact on the entire economy, although shorter than the previous ones, this process should be called a recession.”