(AP) — The U.S. economy entered a recession in February, a group of economists declared Monday, ending more than a decade of steady if slow growth.
The economists said employment peaked in February and fell sharply afterward, marking the beginning of the downturn. A committee within the National Bureau of Economic Research, a trade group, determines when recessions begin and end.
It defines a recession as “a decline in economic activity that lasts more than a few months.”
The committee acknowledged, however, that in this case the depth of the economic downturn so far also played a role in its decision.