WASHINGTON — It came in like a freight train, wreaked havoc, and now it’s over. According to the council of experts that decides when recessions begin and finish, the pandemic recession that began with the start of the coronavirus epidemic officially ended in April, making it the shortest slump on record.
According to the National Bureau of Economic Research’s Business Cycle Dating Committee, the US economy peaked in February 2020, and the recession began the following month. It came to an end in April.
According to the NBER, the recession ended that month because the economy hit its lowest point in terms of employment and production. In May, the economy began to improve.
Analysts believe that the economy’s output of products and services returned to pre-epidemic levels in the April-June quarter, albeit the country still has 6.8 million fewer jobs than it did before the pandemic.