When talking about macroeconomics, are we in a boom phase, recovery, or recessionary phases? Explain why

In the wake of the COVID-19 pandemic, the United States entered a recession. In February 2020, the American economy entered its peak. According to economists, the recession begins when an economy reaches its peak. The recession comes to an end when it reaches its trough.

According to experts, the current recession is expected to be short but very deep. The recession will be short because it is expected to last only a few months. As the U.S economy reopens, business activities will resume. This will revive the economy. The COVID-19 pandemic has reduced employment and production levels across the U.S. The American economy has never experienced anything like this.

After February, economic activities across the U.S declined sharply. The business entered a contractionary phase. In places like Atlanta, Chicago, and New York, most businesses were shut down abruptly. During this time consumer spending has gone down sharply. Most non-essential businesses and workers have been put out of work. The rates of unemployment hit record levels. Consumer Confidence Index shows that the public is not willing to spend money. This is a terrible thing for the economy.