![]() The first thing to recognize is that this is one of the most unusual recessions of our lifetime, because it was caused by the government mandated shut down of suppliers and a dramatic shift in preferences for consumers, who simply stopped going out completely for a short period of time. ![]() So now that we’re officially in a recession – what does this mean and what should we do about it? Here are three things to consider as we continue through this recession.ġ. Don’t expect the recovery to follow the trajectory of the last recession. Between trough and peak, the economy is in an expansion.” Most textbook definitions of recessions include that GDP must drop for two consecutive quarters. A recession begins when the economy reaches a peak of economic activity and ends when the economy reaches its trough. ![]() The NBER defines a recession as “a significant decline in economic activity spread across the economy, normally visible in production, employment, and other indicators. ![]() The National Bureau of Economic Research (NBER) officially determined that the US is in a recession and has been since February. It certainly isn’t a surprise that we’re in a recession – we have seen unemployment rates higher than at any point since the Great Depression. ![]()
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