The word is not out formally but it is believed by most of the experts that the United States has been experiencing a state of recession. There is no formal confirmation and there never is. It is going to be a general adoption of the view that there is a contraction and not exactly recession until and unless there is a decline in the economic activity over the period of two quarters. However, everyone informally knows that we are most definitely in the phase of recession and there is so much of it being experienced. There is an epidemic, there is a financial war and there is a plague. Things aren’t exactly normal and it is evident. For many months and weeks, people are not aware of how much the slowdown has been in the GDP and how many people have exactly been forced to leave their work. The government statistics do take a longer time to generate. They work in the manner of looking backwards and the numbers which have come out lately have been showing a fully working hot economy. For the quantifying of present realities, there will be reliance placed on the anecdotes which come from the surveys, businesses and the data which is coming out of the informal sources and some state numbers. These are not showing the economy to be in any downturn or soft patches but instead they show disappearance and evaporation of what is a huge scale.
There is a sudden severity which has not been seen in the economy of US ever and the reason has been the sudden outbreak of the coronavirus which has been said to reduce the growth by a significant amount.