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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.

  1. Edward
    September 20th, 2010 at 16:41 | #1

    Just who are these idiots? Have you checked the status of Mississippi, Alabama, Florida since the oil spill? Obama and his cohorts are railroading the south and the trest of the US down the path of destruction. Many of my friends in the oil and fishing business are going bankrupt or have already lost their homes and incomes. Idiots like these economist are the stupidist a-holes on the face of the planet.

  2. Claude
    September 20th, 2010 at 18:13 | #2

    I have been out of work for more than 2 years and have a strong retail background and can’t work.

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