Economic panel says recession ended in June 2009
By CNN
Posted Monday at 10:24 a.m.

The Great Recession ended in June 2009, according to the body charged with dating when economic downturns begin and end. But the news comes amid rising fears of a double-dip recession.

The National Bureau of Economic Research, an independent group of economists, released a statement Monday saying economic data now clearly points to the economy turning higher last summer. That makes the 18-month recession that started in December 2007 the longest and deepest downturn for the U.S. economy since the Great Depression.

The NBER acknowledged the risk of double-dip recession in its statement, but said “The committee decided that any future downturn of the economy would be a new recession and not a continuation of the recession that began in December 2007. The basis for this decision was the length and strength of the recovery to date.”

The committee that made the finding said it “did not conclude that economic conditions since that month have been favorable or that the economy has returned to operating at normal capacity.” Rather, it decided that June was when the economy hit bottom, and that it has been slowly but steadily growing since then.

“Economic activity is typically below normal in the early stages of an expansion, and it sometimes remains so well into the expansion,” said the NBER.

Most economists have been saying for months that the recession likely ended in the summer of 2009. But the NBER typically takes a long time to declare the start and end of recessions, waiting for all the economic data to be revised and finalized and making sure that any change in direction of the economy is long-lasting. It didn’t declare that the recession started in December of 2007 until a year later.

But Monday’s announcement comes at a time when there is growing concern among many economists that the U.S. economy is in danger of slipping into another downturn, a so-called double-dip recession. Measures of economic growth, hiring and other signs of recovery have all weakened in recent months.

Double-dip recessions are relative rare. The last one occurred in the United States when the 1980 recession was followed by another in 1981-82. The NBER waited until July 1981 to declare the end of the 1980 recession, which turned out to be the same month that it eventually determined the next recession had begun.

So George Bush fixed the econemy and Obama is exploiting the situation to advance the liberal agenda that's been chomping at the bit for a better part of 100 years.

The recession isn't over and wasn't over in June of 2009.

The recession was over before June of 2009, but not because we're in a recovery.

The recession isn't over and wasn't over in June of 2009.

Am I high?

Am I high?

The recession isn't over and wasn't over in June of 2009.

BECKY: The NBER said this week that the recession officially ended back in June of last year.

BUFFETT: Well, they define it differently. (Laughs.) But I, I mean, I define it, I think we're in a recession until real per capita GDP gets back up to where it was before. That is not the way the National Bureau of Economic Research measures it. But I will tell you that to any, on any common sense definition, the average American is below where he was before, or his family, in terms of real income, GDP. We're still in a recession. And, and we're not gonna be out of it for awhile, but we will get out of it.

Eh, not really. I'm just trying to drive home the point that any talk of a recovery is foolish banter that should be stamped out with great prejudice.

Except the jobs you're taking hurt your children

Khross, you know The Boy Who Cried Wolf?

People have been talking about how horrible things are since time began. Every once in a while, there's actually a wolf, but most of the time there's not.

All of the time, however, most people are tired of, and dissmissive of, the alarmism.

Oh, and:



Won't somebody please THINK ABOUT THE CHILDREN!!!

Arathain:

There's nothing alarmist about my post. Service economies are deleterious; over-employment causes the same problem all other demand shift policies and actions cause; and the U.S. Economy is still failing to produce material goods that actually redirect the majority of their profits into domestic circulation.

So, what's alarmist about discussing the problematic realities of our current economic situation? Because the president says we're in a recovery? Because people think more jobs are the solution because that's the only solution they know?

If only he'd been a lot less correct to date, then you might have a leg to stand on. Khross has been far more on the money on this issue than your dismissiveness.

Considering I made no judgement on the validity of his statements, I think you should reconsider your post.

Bull.

You made no explicit judgment on the validity of Khross' statements. What you did do was make passive dismissals and derisive implications regarding his statements, so I don't really need to reconsider anything.