[Ensure you have all the info you need in these unprecedented times. Subscribe now.]
The U.S. economy fell into a recession in February, a group of economists with the National Bureau of Economic Research said June 8, and some within the trucking industry are not predicting a rapid return to pre-pandemic levels.
“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’s Business Cycle Dating Committee said.
The committee is part of the nonprofit research group that monitors the health of the economy and determines when a recession officially begins and ends.