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.