America is in a recession, but this downturn is unlike any the country has ever seen.
There was no boom and bust, no bubble that burst, no shocking attack on our shores. Rather, the government flipped the off switch on the economy in March to limit the spread of Covid-19 infections.
People stayed home, businesses shuttered, millions of workers were laid off, and economic activity ground to a halt. This recession is more "man made" than any before it.
Now economists wonder whether the economy can as easily be switched back on. Predictions about the future are more difficult in these unprecedented times, making it harder for policy makers to gauge how much stimulus is needed to get the country through the downturn.
This became abundantly clear in last week's jobs report, for which economists had predicted 8 million lost jobs. Instead 2.5 million jobs were gained, the largest number on record, blowing all forecasts out of the water.
But can a recession and record jobs growth coexist simultaneously? Economists think the answer is yes. After all, a recovery needs more than one positive data point.
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June 10, 2020 at 07:36PM
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US stock futures slump ahead of Fed meeting - CNN
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