The economic downturn in the US triggered by the pandemic has been officially declared a recession.
The National Bureau of Economic Research made the designation on Tuesday, citing the scale and severity of the current contraction.
It said activity and employment hit a “clear” and “well-defined” peak in February, before falling.
The ruling puts a formal end to what had been more than a decade of economic expansion – the longest in US history.
Meanwhile, US markets continued their rebound on Monday, as investors remained optimistic that the downturn will be short-lived.