YAY!!!... The Recession is Finally Over!

Is everybody feeling as good about this as I am? :crossed:

http://news.yahoo.com/s/ap/20100920/ap_on_bi_ge/us_end_of_recession

The longest recession the country has endured since World War II ended in June 2009, a group that dates the beginning and end of recessions declared Monday.

The National Bureau of Economic Research, a panel of academic economists based in Cambridge, Mass., said the recession lasted 18 months. It started in December 2007 and ended in June 2009. Previously the longest postwar downturns were those in 1973-1975 and in 1981-1982. Both of those lasted 16 months.

The decision makes official what many economists have believed for some time, that the recession ended in the summer of 2009. The economy started growing again in the July-to-September quarter of 2009, after a record four straight quarters of declines. Thus, the April-to-June quarter of 2009, marked the last quarter when the economy was shrinking. At that time, it contracted just 0.7 percent, after suffering through much deeper declines. That factored into the NBER's decision to pinpoint the end of the recession in June.

So who gets the credit? And I guess this means we can cancel the stimulus and save billions! :woo hoo:

Wow, we can dance in the streets. What about jobs? What about housing? What about money to live on? Oh darn, well we have to be happy because they tell us that the unemployment problem doesn't exist, our homes haven't lost most of the value they had, everything is wonderful in La La land. Oh goody.

The recession is over. Wayne warned us that without the stimulus funding that did nothing to create any jobs, we would have not only had a recession, but gone into a deep depression. Now I have to believe again in the tooth fairy, oh that ties into the other post doesn't it? Fairies, sexual preferences and identity.

Perfect timing for the "re-election candidates" to come out and tell their constituents that "they" contributed to bringing this country out of the longest recession in history.

I wonder how the millions of unemployed will believe that story and how they will likely vote?

ya..if she was honest about her articles:

What if reporters hunting and pecking for happy economic news are playing up incomplete government reports? Take this AP story by Jeannine Aversa on hopes rising over jobless claims:

The number of people signing up for unemployment benefits dropped to the lowest level in two months, an encouraging sign that companies aren't resorting to deeper layoffs even as the economy has lost momentum.

The Labor Department reported Thursday that new claims for unemployment aid plunged last week by a seasonally adjusted 27,000 to 451,000. Economists had predicted a much smaller decline of just 2,000.

But wait, we have an asterisk alert: did the Labor Department really get data from all 50 states? Bloomberg News explained, ahem, that nine states did not report actual numbers:

For the latest reporting week, nine states didn’t file claims data to the Labor Department in Washington because of the federal holiday earlier this week, a Labor Department official told reporters. As a result, California and Virginia estimated their figures and the U.S. government estimated the other seven, the official said.

There's nothing wrong with reporting the Labor Department estimates -- but every story ought to include the missing-states paragraph in their stories, and reporters ought to restrain their "hopes rise" talk considering the incompleteness of the reporting. This Aversa story (or at least this version) doesn't have that information.

Read more: http://newsbusters.org/blogs/tim-graham ... z105lJIyts

Sure doesn't feel like it with my company. In fact for us, it is slower than during the official recession.

This is why laymen should not discuss economics.....they don't understand the technicalities and make silly observations. the end of a recession does not mean that the economy is back where it started before heading into recession, it simply means that the economy is in recovery. Kind of like after a person has an operation....they go into recovery, the operation is over but the patient still hurts and there is still a long way to go before that patient is back where they were before the operation.

Archer:

Being the Economics expert can you show us any indication the the recession is ACTUALLY over? If tomorrow the news says that some economic indicator is down beyond expectations of the so-called experts, are we allowed to laugh at this news then?

I still like the populist view of recessions and depressions. If your neighbor loses their job & house, it is a recession. If you lose your job & house, it is a depression.
With a record number of foreclosures & unemployed, I think this counts as a recession.

carry on.....obviously the economists are wrong and you guys are right.....kinda how you handle every discussion here, you are the experts and everyone else be damned......which is why many of us avoid these discussions.....

We just had a big layoff last week at my company. My DH's business has slowed to almost a stop in the past 2 months. There was a bit of a rush, and now, almost nothing.