From Economic Slowdown to Recession

The most recent recession, known as the “Great Recession,” began in December 2007 and ended in June 2009. The recession affected the entire U.S., but its impacts were not uniform. Unfortunately, Ohio was a primary example of the recession’s iniquities as the recession lasted five months longer here compared to the rest of the nation. Now, with the COVID-19 pandemic, we face further uncertainty and another recession with economic activity contracting “sharply and abruptly” across the entire U.S. This research brief examines the state of the economy in the U.S. and Northeast Ohio pre-pandemic (2019) and provides an analysis of the immediate impacts of social distancing measures and mandated closures in 2020