Yay, no recession, just a really crappy economy! Celebrate! On Tue, Sep 21, 2010 at 3:17 AM, Jerry Barnes <critic...@gmail.com> wrote: > > Recession Ended in June > 2009<http://blogs.wsj.com/economics/2010/09/20/nber-recession-ended-in-june-2009/> > > > The National Bureau of Economic Research, the arbiter of the start and end > dates of a recession, determined that the recession that began in December > 2007 ended in June 2009. > > The business-cycle dating committee met by phone on Sunday and came to the > determination. In determining that a trough occurred in June 2009, the > committee did not conclude that economic conditions since that month have > been favorable or that the economy has returned to operating at normal > capacity. Rather, the committee determined only that the recession ended and > a recovery began in that month, the committee said in a statement. The > 2007-2009 recession is the longest in the post-WWII period. > > The decision by the NBER means that any future downturn in the economy would > be considered a new recession and not a continuation of the recession that > began in 2007. > > The committee waited to make its decision until revisions in the National > Income and Product Accounts, released on July 30 and August 27, 2010, > clarified the 2009 time path of the two broadest measures of economic > activity, real Gross Domestic Product (real GDP) and real Gross Domestic > Income (real GDI). The committee noted that in the most recent data, for the > second quarter of 2010, the average of real GDP and real GDI was 3.1 percent > above its low in the second quarter of 2009 but remained 1.3 percent below > the previous peak which was reached in the fourth quarter of 2007, the > committee said > > > J > > - > > No man's life, liberty, or property is safe while the legislature is in > session. - Mark Twain > > The artificial aristocracy is a mischievous ingredient in government, and > provisions should be made to prevent its ascendancy. - Thomas Jeffers > >
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