It’s official: US is in a recession

America’s longest economic expansion is officially done.

The National Bureau of Economic Research declared June 8 that a recession began in February — roughly a month before cities started taking drastic action to shield themselves from the Covid-19 pandemic.

Usually, it takes about a year for NBER to analyze data and identify a recession, but the downturn is so rapid this time NBER surprised many experts with its relatively early declaration. Read NBER’s full report here.

“The unprecedented…