Pandemic pushes US into official recession

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The economic downturn in the US triggered by the pandemic has been officially declared a recession.

The National Bureau of Economic Research made the designation on Tuesday, citing the scale and severity of the current contraction.

It said activity and employment hit a “clear” and “well-defined” peak in February, before falling.

The ruling puts a formal end to what had been more than a decade of economic expansion – the longest in US history.

Meanwhile, US markets continued their rebound, as investors remained optimistic that the downturn will be short-lived.