June 09, 2020
By Tejaswini Kolli, Senior Analyst & Market Data Associate
As per National Bureau of Economic Research, United States recession began in February 2020 marking the end of 128 months of economic growth. In the same month, the country had a spike in employment, spending and production before the downfall. The World Bank stated that the economy is going to decrease by 5.2% in fiscal year 2020 which is the worst downturn over the past 150 years. The unemployment rate is 13.3% in May 2020 and 14.7% in April 2020 which is higher than any dip since World War II.
Amid all this, there is good news too; the markets are recovering from the severe downturn creating an optimistic environment. On June 08, 2020, NASDAQ gained 1.1% which is highest since the pandemic and all the other indexes such as S&P 500 and Dow Jones are returning to normal. Also, jobs are heading back as the markets are recovering from the dip.
Though the situations are highly uncertain, the rebound could be swift and would mark the shortest recession in the history.