NBER Says US Recession Ended During June '09
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In a report from the Business Cycle Dating Committee of the National Bureau of Economic Research today, the agency said that the recent recession ended more than a year ago.
The panel, based in Cambridge, Massachusetts, reported that the recession spanned 18 months, from December 2007 to June 2009. The Committee noted that the last recession was the worst economic downturn since World War II.
The U.S. economy started growing again in the third quarter of 2009, following a record four consecutive quarters of declines. Data showed that the last economic quarterly contraction came during the second quarter of last year.
If the economy does go into another recession moving forward, it would officially mark the start of a new recession and not a continuation of the recession that started in December 2007. Ie. a double-dip is now certainly off the table.
“The basis for this decision was the length and strength of the recovery to date,” NBER said. “The committee concluded that the choice of June 2009 as the trough month for economic activity was consistent with the later trough months in the labor-market indicators—aggregate hours and employment—for two reasons.”
Even though the U.S. is “officially” out of the recession, Americans are having to deal with a stubborn unemployment rate which sits at 9.6 percent and a housing market which continues to show signs of suffering.
The economy lost 7.3 million jobs during the recession, the most during a downturn during since the post World War II period.
The panel, based in Cambridge, Massachusetts, reported that the recession spanned 18 months, from December 2007 to June 2009. The Committee noted that the last recession was the worst economic downturn since World War II.
The U.S. economy started growing again in the third quarter of 2009, following a record four consecutive quarters of declines. Data showed that the last economic quarterly contraction came during the second quarter of last year.
If the economy does go into another recession moving forward, it would officially mark the start of a new recession and not a continuation of the recession that started in December 2007. Ie. a double-dip is now certainly off the table.
“The basis for this decision was the length and strength of the recovery to date,” NBER said. “The committee concluded that the choice of June 2009 as the trough month for economic activity was consistent with the later trough months in the labor-market indicators—aggregate hours and employment—for two reasons.”
Even though the U.S. is “officially” out of the recession, Americans are having to deal with a stubborn unemployment rate which sits at 9.6 percent and a housing market which continues to show signs of suffering.
The economy lost 7.3 million jobs during the recession, the most during a downturn during since the post World War II period.
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