COVID-19: NBER report states United States entered a period of recession in February

US' National Bureau of Economic Research (NBER) has declared that the country officially entered into a phase of recession in February 2020. According to reports, the current recession has ended the United States' longest economic expansion on record.  

International media has cities the NBER report stating that economic activity in the US tanked in February in the wake of coronavirus restrictions and shutdowns, leading the country into a recession.

End of record expansion for the US

The recession marks the end of the 128-month expansion that began in 2009, which has been the longest period of expansion since record-keeping began back in 1854. A recession is usually defined as a contraction or shrinking of the economy or in economic activity. The contraction must last for a few months before it can be considered a recession.

The NBER added in its report that the coronavirus pandemic and the response to the virus, such as the lockdown and the closure of businesses, have resulted in a contraction of economic activities. The pandemic has caused the largest economic downturn in US history since the Great Depression, with its gross domestic product falling 5 percent in the first quarter -- which is believed to fall further in the second quarter.

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Unemployment at staggering levels despite bouncing back

US President Donald Trump recently championed a job report that showed that the unemployment rate in America had dropped in the month of May. This comes after initial projections pegged the unemployment rate at 20% but data showed a start drop to 13.3% in May from 14.7% in April as businesses began to reopen and hire back workers after the lockdown phase.

However, that report states that while the overall unemployment rate has gone down, the benefit is not being reaped by everyone. African-American and Asian communities in the United States have actually seen unemployment rates go up slightly, exposing racial divides in the country yet again.

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