The Economic Perspective: “The Beginning of the Covid-19 Recession”

Mary:  This is Mary Walden with economist MW, welcoming you to the economic perspective.  Today’s program looks at the beginning of the Covid-19 recession.  Mike, although most people don’t need to be told, but we are now in an official economic recession.   When did the recession begin, and who made the call?

 

Mike: Summary Answer

  • Officially began in February
  • Call was made by a committee of the NBER – a private economics institution began in the 1920
  • NBER calls a recession if sees broad declines in the economy that will last months
  • Obviously we have seen this with the recent data
  • Good news – recession expected to last only a few months – will end when economy begins to expand
  • Unique recession – mandated
  • I’m MW

 

Mary:  And I’m Mary Walden for the Economic Perspective, an NC State Extension program from the Department of Agricultural and Resource Economics.