(FinancialHealth.net) – For 128 months the US economy was on an upward trajectory. The COVID-19 pandemic and states’ measures to slow the spread brought that to an end. Now, the US is officially in a recession.
The National Bureau of Economic Research (NBER) says the period of economic growth ended in February 2020. Estimates indicate roughly 40 million Americans are unemployed. Small businesses across the country are closing their doors permanently.
The US’ gross domestic product (GDP) dropped by 5% in the first quarter of 2020. When the GDP declines, so do employment and investments.
BREAKING: US recession began in February, economists' group declares, ending longest expansion on record. https://t.co/n1lo53fmqW
— The Associated Press (@AP) June 8, 2020
There is some good news. An article by Stringer Asset Management, published on ETF Trends, believes the recession will end in July and the economy will begin expanding again. According to the experts, the economic decline has been getting better since April and employment is starting to look better.
One thing is certain, President Donald Trump and his economic advisers are working hard to get the US back on the right track. Hopefully, voters recognize that in November and turn out for him.
~Here’s to Your Financial Health!
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