Why it matters: That may seem an odd proclamation, since the economy still has a long way to go and unemployment is elevated well above pre-pandemic levels.
However, trends continue to improve, and we can now date the favorable turning point.
The big picture: The NBER said the recession brought on by the COVID-19 pandemic began in February 2020, making this the shortest recession on record.
The bottom line: Knowing when the recession ended doesn’t change anything. However, it does help us to better understand how the economy works as we study it in hindsight.