Despite promising unemployment figures for May, economy experts on Monday made it official: The U.S. is in the midst of a recession.
The declaration, made by the National Bureau of Economic Research, puts an end to what was widely considered the longest stretch of economic expansion in U.S. history. The bureau points to the loss of approximately 22 million jobs in March and April, resulting from restrictions that were put into place to curb the spread of the coronavirus, as the reason for the economic collapse after 10 years of prosperity.
Last week, the Bureau of Job Statistics revealed 2.5 million U.S. residents returned to work in May, leading many analysts to speculate that the economy has already begun to rebound.
