Monday, September 20, 2010

National Bureau of Economic Research marks end of recession in June 2009

The “Great Recession” has ended, officially. At least, that's the word from the private research organization that calls the beginnings and endings of recessions, the National Bureau of Economic Research.
The NBER said Monday that the recession which began in December 2007 ended in June 2009, which marked the beginning of an expansion. The announcement rules out the possibility of a so-called “double-dip” recession, because any new downturn would be seen as a brand new recession.

The NBER said it chose the June 2009 date based on examination of data including gross domestic product, employment and personal income. "The recession lasted 18 months, which makes it the longest of any recession since World War II. Previously the longest postwar recessions were those of 1973-75 and 1981-82, both of which lasted 16 months," the NBER added in a press release on its website. MSNBC

Note: While no group makes official estimates of Utah's business cycle, based on employment data Utah's recession probably ended at about the same time as the did U.S. cycle--the summer of 2009.

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