Thursday, February 10, 2011
Yes, we are officially technically in a recoveryThe National Bureau of Economic Research is the generally-recognized referee for setting the starting and ending dates of recessions. Their September 20, 2010 statement explains their scoring of the most recent recession, which they judge began in December 2007 and ended in June 2009, which is the "trough month" in their terminology:
The trough marks the end of the recession that began in December 2007 and the beginning of an expansion. 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 Great Depression contained two distinct recessions, as illustrated in this chart of Paul Krugman's from his blog post Glenn Beck and the Fed, 1935 02/02/2011.
The Great Depression is conventionally dated from 1929 to 1939 or so. Wartime production, which began well before the attack on Pearl Harbor, finally brought employment back to non-depression levels. But there were two official recessions within that longer period.
Tags: great depression, paul krugman, us economy
| +Save/Share | |
Links to this post:
No subject for immortal verse
That we who lived by honest dreams
Defend the bad against the worse."
-- Cecil Day-Lewis from Where Are The War Poets?
[Tip: Point cursor to any comment to see title of post being discussed.]
SEARCH THIS SITE
News & Media Links