Are we late in reporting this, or what?

• After almost a year of analysis and debate, the National Bureau of Economic Research has announced that the recent recession officially began in December of 2007 and ended in June of 2009.
• The good news in the report ends there. The NBER doesn’t rule out the possibility of another recession, just indicates that any subsequent recession would be a new one.
• The Organization for Economic Cooperation and Development also released a report emphasizing that the recovery, especially in the labor market, will take at least three more years. It praised and encouraged the Obama administration’s handling of the economic crisis, and suggested that taxes and interest rates will probably have to be raised to make up for some of the damage done.

Facts & Figures

• Unemployment probably won’t return to pre-recession levels for another 3 years.
• Unlike past recessions, this one could result in permanently increased unemployment numbers.
• Though tax increases are unpopular, the United States has a lower tax rate than many other countries.

Best Quote

“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.” – from the National Bureau of Economic Research’s report

Tags: recession, recession recovery