The United States has officially entered a recession for the first time in over a decade due to the economic fallout from the COVID-19 pandemic. The National Bureau of Economic Research, which is responsible for declaring recessions, announced that the U.S. economy peaked in February 2020 and has been in a downturn since then.

The COVID-19 pandemic has wreaked havoc on the U.S. economy, leading to widespread business closures, record-high unemployment rates, and a sharp decline in consumer spending. The lockdowns and social distancing measures implemented to slow the spread of the virus have caused a rapid contraction in economic activity, pushing the country into a recession.

The effects of the recession are being felt across all sectors of the economy, with industries such as hospitality, retail, and transportation being hit particularly hard. Businesses have been forced to lay off employees or shut down entirely, leading to millions of Americans losing their jobs and struggling to make ends meet.

The federal government has taken measures to try and mitigate the economic impact of the recession, including passing several stimulus packages and providing financial assistance to individuals and businesses. The Federal Reserve has also implemented various monetary policies to support the economy and stabilize financial markets.

However, the road to recovery is expected to be long and arduous. Economists predict that it will take several years for the U.S. economy to fully recover from the effects of the recession. In the meantime, many Americans will continue to face financial hardship and uncertainty about their economic future.

As the country grapples with the challenges posed by the recession, it is crucial for policymakers to prioritize measures that will help stimulate economic growth, create jobs, and support those most impacted by the downturn. By working together and implementing sound economic policies, the U.S. can emerge from this recession stronger and more resilient than before.

BREAKING: Recession News

LEARN MORE ABOUT: Bank Failures

REVEALED: Best Investment During Inflation

HOW TO INVEST IN GOLD: Gold IRA Investing