Pop the corks: The recession’s over
The same group that declared that the Great Recession started in December 2007 is now saying it ended last summer.
The National Bureau of Economic Research announced this morning that the recession officially ended in June 2009, 18 months after it started.
In a conference call on Sunday, the Business Cycle Dating Committee of the NBER determined that business activity in the U.S. hit a low point that month, and that an expansion began immediately afterward.
In a press release, the NBER said it noted that the average of Gross Domestic Product and Gross Domestic Income in the second quarter of 2010 was 3.1 percent above the low it reached in the second quarter of 2009. GDP and GDI are the two broadest measures of economic activity.
So even though the credit markets are still shaky, most businesses still aren’t hiring, and unemployment levels remain in double digits, the recession’s over. Celebrate by reading the full text of the NBER’s findings here.