If This Is a Recession It’s an Odd One

“The U.S. economy has experienced 12 recessions since World War II, and each one included two features: Economic output contracted and unemployment rose,” the Wall Street Journal reports.

“Today, something highly unusual is happening. Economic output fell in the first quarter and signs suggest it did so again in the second. Yet the job market showed little sign of faltering during the first half of the year. The jobless rate fell from 4% last December to 3.6% in May.”

“It is the latest strange twist in the odd trajectory of the pandemic economy, and a riddle for those contemplating a recession. If the U.S. is in or near one, it doesn’t yet look like any other on record.”