The economic crisis spawned by the coronavirus pandemic has produced a wave of grim U.S. data, with likely more to come as millions lose jobs, businesses shutter and spending stops.But at some point, the bottom will be reached. Given how fast the situation has developed, judging when that happens in real time will prove challenging for economists who usually depend on monthly, quarterly or yearly trends in data to judge the state of the business cycle. The coronavirus outbreak is not a business cycle event but perhaps a once-in-a-century health crisis where normal choices about where to go and what to spend are ... (full story)