US officially announced recession began in February. Since COVID-19 hit globally, most industries closed, quarantine followed, and unemployment rate skyrocketed to almost 20%.

According to Forbes’s analysis, Department of Labor’s Bureau of Labor Statistics indicated that 2.5 million jobs were added in May presenting a picture that the U.S. economy is recovering from the quick recession, but in fact, Bureau of Labor Statistics has made a big mistake by counting 4.9 million unemployed people as being employed.

If mistakes were corrected, unemployment rate would have risen to 16.1% in May. The corrected April figure would have been close to 20% rather than 14.7%.

US has officially entered first recession since 2007-2009, the housing market economic crisis. Some economists say 2020 recession and 2009 recession are of two different characteristics: first one is self-inflicted and latter one is not self-inflicted.

That being said, some economists hope that this recession might be less time consuming to overcome than the previous one, as this was an act of nature, and not one caused by mishaps in the market itself. Only time will tell; nonetheless, the world economy is expected to shrink by 6% by the end of 2020.

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