You may not have heard (maybe you’ve been too busy holed up counting all of your money…or, maybe, looking for a job?) but: The Recession Is Over. Like, more-than-a-year-ago over! According to the National Bureau of Economic Research, a group which has the dubious honor of pronouncing the starting and ending dates of recessions, that “dip” that began in December 2007 ended in June 2009. Making it 18 months long (the worst ‘cession since World War II) but 15 months past.
All should be swimming now, you’d think. Except, unfortunately, the recession being “over” doesn’t mean that, exactly. Per the report:
“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.
Interestingly, the group met by conference call. How recession-era.
The good news: “The trough marks the end of the declining phase and the start of the rising phase of the business cycle.”
So, sounds like we should hold off on buying those “Happy End of Recession!” cards just a little while longer, practically speaking. Here’s hoping.
This article from the Village Voice Archive was posted on September 20, 2010