June 8, 2020 / 4:33 PM / a month ago

U.S. economy entered recession in February - NBER

June 8 (Reuters) - The U.S. economy ended its longest expansion in history in February and entered recession as a result of the coronavirus pandemic, the private economics research group that acts as the arbiter for determining U.S. business cycles said on Monday.

The Business Cycle Dating Committee of the National Bureau of Economic Research said in a statement that members “concluded that 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.”

Reporting By Dan Burns, Editing by Franklin Paul

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