The US economy suffered through the shortest but most severe recession on record as a result of the pandemic, but is in the midst of staging a strong recovery.
While the economy has avoided a Depression-level recession, there is still much work to be done to reach pre-COVID levels, with some economists estimating this could take as long as two years.
While the health-related effects of COVID-19 were still playing out in the second quarter, stock prices staged one of the most impressive rallies on record as investors attempted to discount the magnitude and timing of an economic recovery
Without question, the outbreak of the COVID-19 virus has quickly wreaked havoc on a US economy that had been in the midst of its longest expansion on record.
The US economy is in the midst of the longest expansion on record at 126 months, and at this point in the cycle the slowing growth that has been experienced should be expected.
While growth has moderated somewhat in 2019, the current US economic expansion is now the longest in history.