HIGHLY UNUSUAL FEATURES OF THE 2020 U.S. RECESSION
On June 8, 2020, a group of economists declared that the U.S. economy entered a recession as the Covid 19 struck the nation, thereby ending the longest economic expansion on record. They concluded that employment, income, and spending peaked in February 2020 and then fell sharply afterward as the co...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Technopress
2022-05-01
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| Series: | Journal of Public Administration, Finance and Law |
| Subjects: | |
| Online Access: | https://www.jopafl.com/uploads/issue23/HIGHLY_UNUSUAL_FEATURES_OF_THE_2020_US_RECESSION.pdf |
| _version_ | 1811309748251787264 |
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| author | Suk KIM Min XU Jeanne DAVID |
| author_facet | Suk KIM Min XU Jeanne DAVID |
| author_sort | Suk KIM |
| collection | DOAJ |
| description | On June 8, 2020, a group of economists declared that the U.S. economy entered a recession as the Covid 19 struck the nation, thereby ending the longest economic expansion on record. They concluded that employment, income, and spending peaked in February 2020 and then fell sharply afterward as the coronavirus shut down businesses across the country, marking the start of the downturn after nearly 11 full years of economic growth. The National Bureau of Economic Research (NBER) has become the official arbiter of recessions. It broadly defines a recession as “a decline in economic activity that lasts more than a few months.” For that reason, the NBER typically waits longer before making a determination that the economy is in a downturn. In the Covid 19 recession, the NBER did not declare that the economy was in recession until July 19, 2021, a year after it had actually begun. The major objective of this article is designed to discuss four unusual features of the latest recession: 1) the major cause of the recession, 2) the K-shape recovery, and 3) the government rescue effort, and 4) inflation spike. |
| first_indexed | 2024-04-13T09:46:39Z |
| format | Article |
| id | doaj.art-81f2971e912d4e2d9dc9bc0366834b99 |
| institution | Directory Open Access Journal |
| issn | 2285-2204 2285-3499 |
| language | English |
| last_indexed | 2024-04-13T09:46:39Z |
| publishDate | 2022-05-01 |
| publisher | Technopress |
| record_format | Article |
| series | Journal of Public Administration, Finance and Law |
| spelling | doaj.art-81f2971e912d4e2d9dc9bc0366834b992022-12-22T02:51:44ZengTechnopressJournal of Public Administration, Finance and Law2285-22042285-34992022-05-011123190198https://doi.org/10.47743/jopafl-2022-23-16HIGHLY UNUSUAL FEATURES OF THE 2020 U.S. RECESSIONSuk KIM0Min XU1Jeanne DAVID2College of Business Administration, University of Detroit Mercy Detroit, Michigan, USACollege of Business Administration, University of Detroit Mercy Detroit, Michigan, USACollege of Business Administration, University of Detroit Mercy Detroit, Michigan, USAOn June 8, 2020, a group of economists declared that the U.S. economy entered a recession as the Covid 19 struck the nation, thereby ending the longest economic expansion on record. They concluded that employment, income, and spending peaked in February 2020 and then fell sharply afterward as the coronavirus shut down businesses across the country, marking the start of the downturn after nearly 11 full years of economic growth. The National Bureau of Economic Research (NBER) has become the official arbiter of recessions. It broadly defines a recession as “a decline in economic activity that lasts more than a few months.” For that reason, the NBER typically waits longer before making a determination that the economy is in a downturn. In the Covid 19 recession, the NBER did not declare that the economy was in recession until July 19, 2021, a year after it had actually begun. The major objective of this article is designed to discuss four unusual features of the latest recession: 1) the major cause of the recession, 2) the K-shape recovery, and 3) the government rescue effort, and 4) inflation spike.https://www.jopafl.com/uploads/issue23/HIGHLY_UNUSUAL_FEATURES_OF_THE_2020_US_RECESSION.pdfcovid19;inflation spike; |
| spellingShingle | Suk KIM Min XU Jeanne DAVID HIGHLY UNUSUAL FEATURES OF THE 2020 U.S. RECESSION Journal of Public Administration, Finance and Law covid19; inflation spike; |
| title | HIGHLY UNUSUAL FEATURES OF THE 2020 U.S. RECESSION |
| title_full | HIGHLY UNUSUAL FEATURES OF THE 2020 U.S. RECESSION |
| title_fullStr | HIGHLY UNUSUAL FEATURES OF THE 2020 U.S. RECESSION |
| title_full_unstemmed | HIGHLY UNUSUAL FEATURES OF THE 2020 U.S. RECESSION |
| title_short | HIGHLY UNUSUAL FEATURES OF THE 2020 U.S. RECESSION |
| title_sort | highly unusual features of the 2020 u s recession |
| topic | covid19; inflation spike; |
| url | https://www.jopafl.com/uploads/issue23/HIGHLY_UNUSUAL_FEATURES_OF_THE_2020_US_RECESSION.pdf |
| work_keys_str_mv | AT sukkim highlyunusualfeaturesofthe2020usrecession AT minxu highlyunusualfeaturesofthe2020usrecession AT jeannedavid highlyunusualfeaturesofthe2020usrecession |