WASHINGTON - It's official. The coronavirus shutdown helped shove the United States into a recession. The downturn ended the longest economic expansion since the Civil War.
National research shows the economy began its turn for the worse back in February.
The Labor Department reports 11.5 million layoffs in March, then 7.7 million more in April.
Add to that, Energy Company BP just announced it will eliminate 10,000 jobs. It's a cut of about 14% of its global workforce. The move comes after crude oil prices hit their lowest levels in decades.
Still, President Trump is optimistic following the May jobs rebound of 2.5 million jobs added.
"I built the greatest economy in the World, the best in the U.S. ever had" Trump tweeted. "I am doing it again!"
2020 Democrat contender Joe Biden pushed back writing, "Trump squandered a growing economy."
How fast the nation bounces back could depend on how the states go about easing restrictions.
Currently, all 50 states are in some phase of reopening. On Monday, some 400,000 people went back to work in New York City.
"It is the day we start to liberate ourselves from the disease," New York City Mayor Bill De Blasio said.
Federal Reserve officials met Tuesday and will announce the latest monetary policy decision tomorrow. This news comes as the 2020 deficit nears $2 trillion with some economists predicting the figure could double by year's end.
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