What point in the business cycle is the U

Business Dec 23, 2020

What point in the business cycle is the U.S. economy?

Expert Solution

Currently, the US economy has entered into the contraction phase of the business/trade cycle after the severe impact of COVID -19 globally. In light of the COVID-19 pandemic, state governments shut non-essential business organizations in March. By April, there were 23.1 million jobless, sending the joblessness rate to 14.7%. Before that, the economy had been in the /expansion development stage of the business cycle for a long time. The last trough was in June 2009. It's too early to state on the off chance that we have arrived at the trough stage for the 2020 recession.

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