It’s official: US recession began in February, ending record-long expansion

Nomad

Nomad

Every trumper is a N4T.
So, it's not all COVID-19's fault afterall....

It’s official: US recession began in February, ending record-long expansion

By CHRISTOPHER RUGABER
ASSOCIATED PRESS |
JUN 08, 2020

https://www.chicagotribune.com/coro...0200608-io4mzrtutfdaxa6ra5uj3zsqb4-story.html

The U.S. economy entered a recession in February, a group of economists declared Monday, ending the longest expansion on record.

The economists said employment peaked in February and fell sharply afterward, marking the beginning of the downturn.

The economists make up a committee within the National Bureau of Economic Research, a trade group that determines when recessions begin and end. It defines a recession as “a decline in economic activity that lasts more than a few months.” The committee noted, though, that in this case, the depth of the downturn since February had led it to determine that a recession had begun.

“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,” the NBER panel said.

The unemployment rate is officially 13.3%, down from 14.7% in April. Both figures are higher than in any other downturn since World War II. A broader measure of underemployment that includes some of the unemployed who have given up looking and those who have been reduced to part-time status is 21.2%.

On Friday, the government said that employers added 2.5 million jobs in May, an unexpected gain that suggested job losses may have bottomed out. A recession ends when employment and output start to pick up again, not when they reach their pre-recession levels. So it’s possible that the recession could technically end soon.

Even if so, most economists expect a full recovery could take two years or more, with the unemployment rate likely still 10% or higher at the end of this year. With few Americans traveling, eating out or shopping at anywhere near their previous levels, consumer spending — the primary driver of the U.S. economy — could keep economic activity weak for many more months.
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So much for Trump the genius entrepreneur who's business acumen was supposed to vault the economy through the stratosphere.

Way to go, El Dump-o.
 
Another Republican Recession.

Who would have thought that would happen with a republican president?

Everyone but the Trumpsters.
 
Gotta give Trump some credit though.

He pulled off the biggest con in history.
 
Nomad said:
So, it's not all COVID-19's fault afterall....



So much for Trump the genius entrepreneur who's business acumen was supposed to vault the economy through the stratosphere.

Way to go, El Dump-o.
Click to expand...

A group of DNC activists declared on Monday and no ody cares.
 
As the left side of the crowd cheered until orgasm! Wow,... talk about some sick fucks. Who does that? Openly cheers for negative economic new? Oh yeah,....half the people here. :whoa:
 
Stone said:
As the left side of the crowd cheered until orgasm! Wow,... talk about some sick fucks. Who does that? Openly cheers for negative economic new? Oh yeah,....half the people here. :whoa:
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Who is cheering?

Should no one comment on it? Sssssshhhhhh....don't tell anyone, but Trump's economy is terrible. Keep it down, though....
 
So, it's not all COVID-19's fault afterall....

"It’s official: US recession began in February, ending record-long expansion"
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Thanks for crashing the Obama Economic Recovery, Trump.

All this fat ass was asked to do was baby sit the Obama Economic Recovery, not screw it up, and hold his MAGA rallies.

That is about the least any modern president has been expected to do. And this lard ass couldn't even clear that low bar of expectation
 
Cypress said:
Thanks for crashing the Obama Economic Recovery, Trump.

All this fat ass was asked to do was baby sit the Obama Economic Recovery, not screw it up, and hold his MAGA rallies.

That is about the least any modern president has been expected to do. And this lard ass couldn't even clear that low bar of expectation
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Best economy in generations the former Chimp in Chief Obama had the worst economic recovery since the great depression.
 
Stone said:
As the left side of the crowd cheered until orgasm! Wow,... talk about some sick fucks. Who does that? Openly cheers for negative economic new? Oh yeah,....half the people here. :whoa:
Click to expand...

You all lied and said your shitty Russia Tax Cut would lead to "at least 3% growth".

Now we are in a recession, and have been in one since before COVID.
 
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