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According the National Bureau for Economic Research, or NBER, the U
According the National Bureau for Economic Research, or NBER, the U.S. economy entered a recession in February of 2020. This month was the most recent peak in economic activity according to the four criteria that the NBER uses: 1. Employment 2. Personal income (less transfers) 3. Business sales 4. Industrial production Please answer the following questions: 1. What happened to GDP with the recession (2020:11)? Be precise for full points. 2. What happened to the official unemployment rate in the recession? Be precise for full points. 3. What happened the inflation rate according to the CPI with the recession? Be precise for full points. In addition, do you think that the economy was still in a recession as of July? Why or why not? After posting your answers to the four questions, please comment on a posting of a student who had a different answer to the last question. If all the answers are the same, then post an opposing reason.
Expert Solution
1) In March 2020, there was a decline in GDP of 5.0%in the first quarter followed by 31.7%in the second quarter.
2) The unemployment rate which is a key measure of economic health,began to increase in March and reached 14.7 %in April 2020.In May it was 13.3%. In July 2020, it was 10.2%.
3)The inflation rate is calculated byusing the current consumer price index.In March 2020, inflation was 1.54%,April 0.33%, May 0.12%, June 0.65%, July 0.99%.
US is officially in recession in July 2020 but the economic downturn in 2020 is different from 2008 recession.With the second quarter 2020, GDP growth is down to -32.9% compared to the first quarter.US economy is struggling to recover and come out of this recession.The recovery is slow but not reversedThe economy is adding jobs but layoffs are still there..The jobless claims decreased but are still high.
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