It's official: US economy entered recession

The US 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 US business cycles said on Monday.

The Business Cycle Dating Committee of the National Bureau of Economic Research said in a statement its 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.”