The U.S. is officially in a recession. Will it actually become a depression?

The U.S. is officially in a recession. Will it actually become a depression?  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  VIEW IN BROWSER | SUBSCRIBE WED, JUN 10, 2020 YOUR WEALTH Editor's Note I have some good news and some bad news. Let's start with the bad stuff: The National Bureau of Economic Research on Monday told everyone that the 128-month economic expansion — the longest expansion in U.S. history — ended in February as the economy fell into a deep recession. The recession also began the same month, NBER said. We cannot be shocked by any of this. The coronavirus pandemic struck the country hard in March, leading to a nationwide lockdown that shuttered most of the economy. That was followed by an unemployment rate that surged in April to the highest level on record at 14.7%. More than 45 million unemployment applications had been filed for benefits that month. Some financial pundits were wondering if the country would eventually dip into a depression, and what it would take for that to happen. OK, since I am someone who sees the glass half full, let's talk about the good news. With all states reopening once again in some form or another, the economy appears to be in a recovery mode. The Dow Jones Industrial Average has surged in the past month on the expectation that an economic rebound is ahead. While the economy has obviously not recovered, it's growing again. Perhaps a new economic expansion is underway. For more key stuff like this, please follow me on Twitter @jimpavia and check out CNBC's Financial Advisor Hub and CNBC + Acorns Invest in You: Ready. Set. Grow. Jim Pavia @JIMPAVIA The U.S. is officially in a recession. Will it actually become a depression? The U.S. is officially in a recession. While unemployment levels are at their highest since the Great Depression, economists think it's unlikely the country will tip into depression territory. While 21 million Americans were unemployed as of May, long-term joblessness hasn't seen an uptick The number of Americans unemployed for a long stretch of time has remained steady since the start of the year. Families and the broader economy could be in trouble if that changes. Delinquencies, defaults will rise for student loan borrowers if pause on payments isn't extended, experts say In a few months, student loan borrowers will have to resume their monthly payments. Yet experts say the battered economy will make doing so a challenge. There's a conspiracy theory about the unemployment numbers. Labor experts call it baseless Critics suggested the Trump administration tampered with data to reduce the unemployment rate in May. Economists say the allegation is baseless. 35 million stimulus checks are still outstanding. What you need to know if you're waiting for your money While a majority of stimulus payments are out the door, millions of Americans are still waiting for their money. Here's the latest on who is affected and what you can do to make sure you're on the government's radar. Say goodbye to six-figure starting salaries – with these exceptions Starting salaries for newly minted college graduates are lower almost across the board. However, some entry-level positions in tech still pay near six figures. Pandemic creates pension plan tension: Take the lump sum or trust lifetime payments As companies try to regain their financial footing in the midst of continuing economic uncertainty, a retiring worker's decision to take their pension as a lump sum or lifetime payments could end up boiling down to this one factor. How to financially support your adult children without breaking your nest egg Financial experts warn about the dire consequences of giving your adult children money. Yet, in these trying times, it may be necessary. Insana: The Fed shouldn't try to 'control' interest rates While it's generally the Fed's job to attempt to assert control over every aspect of credit market behavior, it may want to stop short of taking one more step that has come up as a real possibility: capping the yield curve. 10% of jobs lost due to the virus have come back in May " Of the 22 million jobs lost in March and April combined, we've gained back slightly over 10% of them in the last month as states have slowly begun to reopen ..." CONTRIBUTORS Sharon Epperson @sharon_epperson Josh Brown @ReformedBroker Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel   Digital Products Feedback Privacy Policy CNBC Events   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS