The National Bureau of Economic Research reported in July 2021 that the pandemic driven recession that began in February 2020 ended in April 2020, lasting just two months. This was the shortest recorded recession, while also being the worst recession since the Great Depression.
While it is encouraging to see that many segments of the economy have returned to their pre-pandemic levels, there are concerns that the recovery in the last year is in now in jeopardy. Nationally, inflation and consumer confidence are trending in concerning directions. Across our county, the reduced labor force and escalating housing prices create the potential for increased unemployment impacting employers and consumer spending.