Experts Say U.S. Recession Ended in June 2009

recessionThe National Bureau of Economic Research, the arbiter of when recessions begin and end, has reported that the Great Recession ended June 2009.

In a report released Monday, the NBER's Business Cycle Dating Committee said it "determined that a trough in business activity occurred in the U.S. economy in June 2009. 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."

NBER also explained why a decision took so long. "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)." In other words, there was no need to call an end to the downturn until it was clear that a meaningful recovery had begun.

Despite calling the end of the recession, the NBER warned that the economy is not yet out of the woods. "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." Many economists believe that those conditions do not exist today. Joblessness and the housing markets are simply too troubled. And there is still some chance of a second dip in GDP if those situations do not improve.

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bshea22189

I love the way these so called "Experts" state that the Recession is officially over. Nobody wants to use the "D" word (Depression). Here in California things are horrible with no end in sight. I am closing my Retail business and most of my friends have lost their jobs and some may lose their homes. But hey thank God for the Experts. Without them we would never have known that the Recession is over!

September 24 2010 at 4:14 PM Report abuse rate up rate down Reply
comisar

Over?? this is B.S. the only thing that is OVER, is Oblama's reign of power. only a few more weeks, and the man-child will be put back to kindergarden!

September 23 2010 at 1:53 AM Report abuse -1 rate up rate down Reply
Mike

These people are COMPLETELY out of their minds!!!!

September 22 2010 at 9:56 PM Report abuse rate up rate down Reply
Retool

If the recession has ended then the depression has began. I volunteer at a local(church)food ministry every Tuesday evening. Every tues. a home cooked meal is served to everyone who comes through the door. For about five years about 150 to 250 people came every week. Two years ago we started seeing an increase in the numbers. Now we plan for at least 350 meals, and have a back-up plan for an additional 200 meals (hot dogs and canned fruit),and the number of people comtinues to grow each week. After talking to these people we have learned that about half of them are working (part time minimum wage,some have two of these jobs), and cannot pay for the bare necessities. 25% are unemployed and looking for work,and 25% are disabled. ARE THE ECONOMIST BLIND???? These are real, breathing, US citizens,and their future looks very bleak at best. They are in a DEPRESSION!!!!!

September 22 2010 at 9:35 PM Report abuse +3 rate up rate down Reply
pat

obama said the recession was over-and he never lies right-yeah-people are still losing jobs-homes etc and because these so called experts and idiot in the white house say its over-its over-

September 22 2010 at 9:14 PM Report abuse rate up rate down Reply
TKWoodworking

Recession isnt over until PEOPLE HAVE JOBS!!!!!!!!!!! My fear for this country is simple: We are politically driven, so here is what to expect over the next 10 years... -Democrats and Obama endure public outrage due to an inability to clean up after Mr. Bush and his advisors. -We then point fingers and drum up our scapegoats, all the while neglecting reasons as to what put us into this mess in the first place. -Republican party then "unifies the belts" so to speak in upcoming elections -We do it all over again. To all those in power. STOP PUTTING POLITICS BEFORE REASON. ENOUGH IS ENOUGH!!!!!!! Where is FDR when we need him?!!!!!!!!!!!!!! -We then exercise the same bullheaded

September 22 2010 at 7:04 AM Report abuse rate up rate down Reply
jaguirrejja

It is not important to say whether the recession is over or not! If the recession has done anything, it has made many more aware of the fact that we need to scale back our living style! We need to find ways to support each other in the middle class. Noone can do that for us. We have been brainwashed as a country to think we can have any and everything we want. We have been brainwashed to be one thing and only one thing--consumers. Didn't Bush say "Go spend more money, help our country by spending more." We have lost our ability to produce anything for ourselves-just go to the big business stores and get everything cheaply and made in China! Personally, I believe that we have only just begun to be a more renewable and sustainable society! When was the last time that you or I thought about saving money instead of spending it wantonly. When is the last time you or I thought about what we can do for our country---and that is not to say that we are to consume more and more of the earth's resources! We, as a country make up 5% of the world's population and we use 90% of the world's resources. When you and I learn to move outside of our pity pots, and learn to think about others, we will lift a depression out of this country. Pres. Obama is not a savior. How quickly we forget what 8 years of a previous administration did to this country. We want Pres. Obama to fix this in 18 months! How many people have boycotted the banks that went bust? How many of us support credit unions that give us a voice and owership in running them! How many of us have ever donated time to helping someone else who might be worse off that we are! How many of us have our own gardens or do we only want to be served? What are we as individuals doing to make this country a better place?--not a richer place with lots of money? The money we spend on entertainment/sports is a crime. But then it is another way that big business distracts us from doing what we need to do and that is to live more simply! We would rather ingest pesticides and unneeded antibiotics from meat and produce rather than buy organic and local. We would rather pay the lowest wages to the middle class and to the rest of the workers in this world! If just one CEO who is earning $1 million per years cut his pay to $250,000, how many jobs would be created where someone is paid $50,000 per year. Do the math and then multiply that by a few thousand CEO's in this country alone!

September 22 2010 at 12:43 AM Report abuse +1 rate up rate down Reply
artisansarch

Yeah right! and I suppose Obama ancestors came over on the mayflower also

September 21 2010 at 10:18 PM Report abuse +2 rate up rate down Reply
MY LORD

These expert economists need to find a type of work that they are good at.

September 21 2010 at 10:09 PM Report abuse +4 rate up rate down Reply
swemmonds

Once again, we are told the recession is over.... Has been since summer last, yeah right, and we all have the jobs we need, all the money we could ever spend, brand new vehicles in our garages,and last, but far from least, the so-called "Misery-Index" is at historical low.... So on, and so forth... Who are these experts, and what are they smoking??? Prior to gathering the data that tells them we are all "Fat & Happy"... I know this much to be true: A. Unemployment in the county my family resides is around 9.5% (The highest rate since 1982) surrounding counties are hovering at around the same abysmal figures.. B. My spouse lost her job in 3-09, she, along with countless other people, have exhausted their unemployment benefits. She among many others, also lost their health care insurance around the same time as the jobs. We are also part of the millions of citizens who cannot afford the COBRA benefits package... C. My small business, along with many others in the same sinking boat, have been forced to become collection agencies, in order to recieve compensation for our specific trades, or services provided... Normal turn-around time for payment from my clients has gone from 30-60 days to upwards of 90-120, from date of billing, to reciept of payment... D. Contract work has become so cutthroat, that general contractors have begun to accept bids from companies that two years ago, were unable to pass the required pre-bid qualifications... Today, general contractors are not only accepting bids from unqualified subs, and service companies, they are awarding the contracts to these outfits, and many times, are forced to sue the same low-bidders, to have their projects completed... I run a reputable small business, and have always stood behind my quality of work, as well as the contract amount I provided to my customers... In other words, the price I produce on my quote, is the price I do the project for... Very rarely do I request an extra to my contract amount.... E. I, along with every business, know when some"expert" is attempting to pump sunshine through a storm cloud... My last & most important fact I know to be true, is this... The so-called "experts" advising our leaders, along with the leaders themselves, are trying to sell us a vehicle with a nice body, but no motor. The recession is no where near over... The numbers, and the facts just do not support this assinine flat out LIE!!!!!!!!!!!!!!!!!!!!!

September 21 2010 at 3:12 PM Report abuse +2 rate up rate down Reply