The U.S. economy is in a recession, an economic research group declared Monday, marking the end of the longest economic expansion in history.
A committee with the National Bureau of Economic Research, which makes such determinations, said the recession began in February.
The NBER’s broad definition of a recession is “a decline in economic activity that lasts more than a few months.”
“In deciding whether to identify a recession, the committee weighs the depth of the contraction, its duration, and whether economic activity declined broadly across the economy. The committee recognizes that the pandemic and the public health response have resulted in a downturn with different characteristic,” an NBER statement said.
The organization said the U.S. gross domestic product fell at a