US Business Cycle Dating committee
Under the category of records, the US Business Cycle Dating committee determines that the recession as a result of Covid, ended in April 2020 making it the shortest on record.
A recession is generally considered as two quarters of negative GDP. The 1Q of 2020 US GDP growth fell -5%, while the second quarter plunged -31.4%. However, according to the committee the economy started to rebound in May. If we assume the Covid recession started in February, that would put the recession at about 3 months over 2 separate quarters.
Records are meant to be broken. This one was a negative, but the good news is it did not last long.
