It’s been about two months since the US began sweeping lockdowns to contain the spread of coronavirus
The economic pain of the coronavirus-induced recession swiftly overtook that of the Great Recession in that short time as millions of Americans have lost jobs, businesses remain frozen, and consumer spending has taken a major hit.
See below for five charts that show how the coronavirus-induced economic downturn compares to the Great Recession.
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It only took a few weeks for economists to agree that sweeping shutdowns to contain the spread of the novel coronavirus had plunged the US economy into a recession.
Now, just two months since the first stay-at-home orders began, the ensuing downturn has surpassed the Great Recession that spanned 18 months between 2007 and 2009.
“It just goes to show you how quickly the current crisis has evolved and how deep it is,” Daniel Zhao, an economist at Glassdoor, told Business Insider. The size and scope of the crisis is very unusual for any kind of quick disruption to the economy, he added.
There has been an overwhelming amount of data showing the full scope of economic pain: millions of Americans have filed for unemployment …read more
Source:: Businessinsider – Strategy