The Day at a Glance | July 20 2021

The Top

*Recession in the United States during 2020 lasted 2 months: NBER.

*SAT and SENER suspend services for 82 businesses in the energy sector for not complying with legal, tax-paying requirements.

*Central Bank of China maintains interest rates unchanged (3.85%).

*Inflation for producers in Germany accelerates to 8.5% annual during June.

Economic environment

The recession in the United States lasted for two months in 2020. According to the Committee that determines the duration of economic cycles in the National Bureau of Economic Research (NBER) in the United States, the recession caused by the pandemic lasted for two months. In a statement released yesterday, the NBER assured that the lowest level of activity was recorded in in April 2020, only two months after the start in March, which makes it the shortest recession ever recorded. The committee`s decision is based on data that includes indicators on employment and consumer spending, which started to show a recovery in the economy at the start of spring of 2020. The recovery was in large part boosted by aggressive fiscal and monetary stimuli. Despite its short duration, the depth of the recession makes it one of the worst in history. Employment in the United States isn’t expected to recover its pre-pandemic levels until 2023.