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The COVID-19 recession was a global economic recession caused by COVID-19 lockdowns. The recession began in most countries in February 2020. After a year of global economic slowdown that saw stagnation of economic growth and consumer activity, the COVID-19 lockdowns and other precautions taken in early 2020 drove the global economy into crisis.
Recovery from the recession began relatively quickly, with the recession only lasting one quarter according to the NBER. As of 2022, the unemployment rate reached its pre-pandemic levels - nevertheless, in many key aspects and industries, the U.S. economy has not completely recovered from the COVID-19 pandemic.
The COVID-19 pandemic in California began earlier than in some other parts of the United States. Ten of the first 20 confirmed COVID-19 infections in the United States were detected in California , and the first infection was confirmed on January 26, 2020.
California’s economy grew at a healthy 3.1% rate from the end of 2022 ... battered during the COVID-19 pandemic and recovering only recently, added 40,800 jobs year to year and in February ...
Before the COVID-19 pandemic hit the U.S., the Fed targeted the federal funds rate, or the rate at which banks lent each other money overnight, at 1.5% to 1.75%.
Although the economy is humming, some analysts say that today's rising inflation could trigger tomorrow's recession. But what is a recession, and what can you do to prepare?
The Federal Reserve has expanded its balance sheet greatly through three quantitative easing periods since the financial crisis of 2007–2008.In September 2019, a spike in the overnight repo market interest rate caused the Federal Reserve to introduce a fourth round of quantitative easing; the balance sheet would expand parabolically following the stock market crash.
Thornberg put it more bluntly: “The recession I’m worried about is going to happen in one, two, three years. I see a lot of unsustainable trends. “Don’t jump in your bunker,” he said ...