NBER; Chart: Connor Rothschild/Axios
The U.S. economic recession triggered by the COVID-19 pandemic officially ended in April 2020, the National Bureau of Economic Research said Monday.
Why it matters: That may seem an odd proclamation, since the economy still has a long way to go and unemployment is elevated well above pre-pandemic levels.
Stay on top of the latest market trends and economic insights with Axios Markets. Subscribe for free
The big picture: The NBER said the recession brought on by the COVID-19 pandemic began in February 2020, making this the shortest recession on record.
Flashback: After the U.S. government in March 2020 issued safety guidelines that began the shut down of much of the economy, April brought the largest one-month employment decline in history.
The bottom line: Knowing when the recession ended doesn’t change anything. However, it does help us to better understand how the economy works as we study it in hindsight.
Like this article? Get more from Axios and subscribe to Axios Markets for free.