It's Official, We are in Recession

What's more, it began in February, before the lock-downs started:

The U.S. officially entered a recession in February, marking the end of the 128-month expansion that was the longest in records reaching back to 1854.

While Monday’s announcement by the National Bureau of Economic Research didn’t come as a surprise to economists, the group typically waits until a recession is well under way before declaring it has started.

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The nonpartisan Congressional Budget Office said last week the U.S. economy could take the better part of a decade to fully recover. Gross domestic product will likely be 5.6% smaller in the fourth quarter of 2020 than a year earlier, despite an expected pickup in economic activity in the coming months, and the unemployment rate could still be in double digits by the end of the year, the CBO said.

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The NBER’s recession-dating committee looks at gauges of employment and production, as well as incomes minus government benefits, to determine when a recession has begun. It doesn’t use the rule of thumb common elsewhere in the world: two or more quarters of declining real gross domestic product.

The NBER considers February the peak of the business cycle, when the expansion ends and the recession begins. The month in which the economy reaches its trough and activity stops contracting marks both the end of the recession and the start of a new expansion. The committee doesn’t comment on how long the recession may last.

Even if this is a strong recovery, it's going to take years, because the average consumer is going to need years to recover.