Jobs Are Up, But So Are New Infections Through the spring months, m ost of the economic data was extremely negative, with record declines in employment and consumer spending. The speed of that decline had no modern precedent. We are now in a recession. The shortest recession on record occurred in 1980 and lasted just six months. Second place goes to a seven-month recession in 1918-19, which was tied to the Spanish flu pandemic. The big question is: When will this recession end? Given surprisingly strong data in May, April may have been the bottom of this economic cycle. If so, it will have been the shortest recession on record. With massive support from the Federal Reserve, the federal government, and the reopening of previously closed businesses, employment surged unexpectedly. At the same time, pent-up demand, stimulus checks, and generous unemployment benefits led to a reacceleration of commercial activity. Still, not all is rosy. In his recent testimo
Investment and economic observations by N. Russell Wayne, CFP, MBA. Mr. Wayne is the president of Sound Asset Managment, inc. and former Managing Editor of The Value Line Investment Survey.