Shoppers wearing protective masks browse clothing at a store at Westfield San Francisco Centre in San Francisco, California, U.S.
Michael Short | Bloomberg | Getty Images
Near-record stock market levels, a booming almost bubbling housing market and robust retail spending doesn’t sound like much of a recession. But this is no ordinary recession.
The Covid-19 pandemic era is setting new standards for what an economic downturn looks like.
Significantly, unemployment remains high, with the current 10.2% level still above anything the U.S. has seen since the Great Depression. Daily life has been disrupted to an unprecedented degree as restaurants remain limited, stores have to control crowd size,…