News comes today from the National Bureau of Economic Research, that the recession that “officially” began in December 2007 “officially” ended over a year ago, in June 2009,
“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 recession lasted 18 months, which makes it the longest of any recession since World War II.”
“Previously the longest postwar recessions were those of 1973-75 and 1981-82, both of which lasted 16 months.”
“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 decided that any future downturn of the economy would be a new recession and not a continuation of the recession that began in December 2007.””
Interesting.
As far as I can tell, the housing market has gotten worse not better since June 2009, the job market hasn’t gotten any better and we are facing tax hike on the only people making and thereby spending any money next year.
Recession was over last year guys, how is it working out for you?
I was just doing some research on food stamps!
Utterly amazing. Must be why gold and silver are going through the roof.
Here’s something to chew on: http://www.zerohedge.com/article/debunking-great-myth-us-consumer-deleveraging-or-why-us-economy-will-end-not-whimper-bang
Anoher government statistic that is useless. Why discuss what happened in the past when we have many more headwinds to face in front of us. There is still a lot of hope in the market, but that is slowly disappearing as well.
Housing lead us out of almost every recession. This recession ended from the insane federal bailouts.
The housing data that was been shown recently doesn’t show any signs of price improvements either.
This may be the second time in history that our country has every been through a double-dip recession. If we don’t hit another double-dip then it will still feel like a recession for some time.
Unemployment at close to 10% and growing, poverty levels increasing, banks not lending, consumer confidence declining all lead me to believe we will revisit the double-dip scenerio.
It doesn’t matter how much the government tries to pump up the economy, it takes consumers to spend and consumers will not spend if they have no equity to tap and a majority are paying off their debts from years past.
The bubble still needs to deflate before we can rebuild.
It’s a rough place to be when working hard and making good money is bad in the eyes of the general public. They all want what I have but don’t want to work for it and want to tax me to boot. I am happy to announce that our nursery had record sales this year while two of our 5 competitors went belly up. We were building infrastructure while we waited and didn’t expect things to pick up so quickly but when things do rebound we should be sitting pretty. It’s a bit slower now but the year’s not over yet.
Soon 25% of Americans will be over 65.
Since 1900 the average life-span increased from 47 to 77.
That 47 was used to set the retirement age to 65, an age no one would likely see.
Now, 97 would be the retirement age where your free ride starts.
Assets accumulated by post-war baby boomers are now becoming worthless. Future generations value a domain name [brand] over a house. Smart, very smart.
As artificial real estate values continue to plummet, the tax base erodes because people will expect to pay less on property that is worth.less. Local and State governments have less and less revenue, and increasing expenses. The Federal government just creates money from thin air. What is the problem?
By 2050 Spanish will have become the first language used in America. The .CASH culture is replacing the .CREDIT culture.
Energy costs will continue to drive the population to a narrow band of Latitude.Living, centered on 30 degrees North|South LAT.
Noah is building an .ARK
That’s the reason am storing my credito.com 🙂
Mike
The Federal government just creates money from thin air – might be the biggest plus for America. Don’t repeat stupid propaganda.
[The .CASH culture is replacing the .CREDIT culture.]
Cash ISPs via the new WIMAX expanded range systems.
Cash domains via the .CASH piggy.bank built into the Set.Top.Box
(only holds 14 cents… outside parties beg for 1 to 5 cents)
.CASH wISPs can load up to $100 in your Set.Top.Box per month
That is great it’s over with.
It’s the only economy I know where they say the recession is over with and the unemployment rate continues to go up.
That 65% covering all the cobra costs for employees is gone.
Insurance plan will be hitting 1500 a month for a family of 5 by end of next year.
Look at who is putting out those articles that the recession is over with.
No Hiring is going on.
After 1 year do they still count those people in the unemployment rate?
The dow will be in my opinion 6500-8000 by years end again…
Donny
The *only* remaining argument against a “double-dip recession” was that it couldn’t technically be a double dip if the first one never ended. Guess the runway is clear and, double-dip, you are free to commence take off.
Although the Recession has formally ended on Paper, it would be intresting to see the actual Market Scenario and whether there is any improvement in the Unemployment numbers or not…
“No Hiring is going on.”
America is all about Retiring not Hiring.
Why would anyone want to run a small business with growing regulations and healthcare costs ?
America graduates 45,000 new lawyers EACH year, 150 per day. What are they going to be doing ? Regulating the domain name industry ?
The .JOBS will not be returning. People have to face that fact.
House values will not be going up, they will continue to plummet. The demand is decreasing and the supply increasing. The mortgage games are over.
There are now growing concerns about social unrest as the 2012 election cycle kicks off, soon.
“The *only* remaining argument against a “double-dip recession” was that it couldn’t technically be a double dip if the first one never ended. Guess the runway is clear and, double-dip, you are free to commence take off.”
LOL dp, nicely put 🙂 …hang on, its going to be a bumpy ride
Mike, your analysis of this flawed report is spot on. The indicators of the economy have been selectively tweaked in this report for sensationalist purposes.
If that’s not the case, I’ll trade your GoodEconomy.com for my BadEconomy.com 😀
Some businesses are very busy.
VEGAS.CO ?
How many brands can you *Remember* from this ?
UPDATE 7:36 PDT: The judge has warned Paris that she has been given a one year suspended sentence — which means if she screws up, she will spend 1 year behind bars.
UPDATE 7:37 PDT: The judge specified that Paris had her coke in a Chanel handbag.
UPDATE: The judge is reiterating that any new arrests will “terminate” her deal.
The judge just warned Hilton, “The Clark County Detention Center is not the Waldorf Astoria.”
UPDATE 7:43 PDT: Hilton just left the courtroom.
Maybe Paris and Lindsay can share a cell
http://www.mtv.com/news/articles/1648267/20100920/lohan_lindsay.jhtml
Big Lie
I agree with you here.
Who is going to hire a ton of people with the new costs of carrying employees??
Who is going to invest in new businesses with the Government looking to punish those evil wealthy people who make $250K or more?
Who is going to buy those houses that are sitting endless on the market?
Who is going to rent that commercial space to put up stores when everything is moving online?
Who are going to rent all that office space when more people are working from home?
@MHB
“Who is going to rent that commercial space…”
Many years ago, the Wall Street Journal ran an article that described the world economy as similar to one of those huge machines that create cement highways. They described how it moves at glacial pace around the planet and in the wake of “the machine” is a common pattern. Their conclusion was, IF you want to see the USA in N years, look at Europe M years before. Their claim was the machine seeks cheap (unregulated) labor and would move to Asia next.
Their conclusion was, strip malls would become vacant as the machine moved on. Large estate properties would get larger as well as gated communities. They also claimed anything with Tourist.Value in the USA would be a long-term hold, because the machine produces a population that wants to vacation elsewhere. They listed Aspen, Yellowstone, CapeKennedy and famous golf courses as the best places to invest. Vegas was also high on their list. Only a few major cities were considered worth an investment. { .TRUMP may have read that article? }
They also had all sorts of comments about people’s buying habits. One example was buying ONE hand-made sweater from Ireland because of the quality vs. five sweaters from Wally’s Mart.
One fallacy that may have been over-looked: The .USA is huge in area compared to Europe. For America to survive, it would be well-served to break itself into some major regions (called Countries) and turn DC into a Tourist Trap only.
Maybe if we built more networking sites…and everyone be on the network–create more high paying internet jobs….LOL
Well if Vegas was a place to invest, now’s the time because stuff sure got a lot cheaper there
@MHB
“Well if Vegas was a place to invest, now’s the time because stuff sure got a lot cheaper there”
and also in Florida.
The “new Plan” for .VEGAS from the Dubai Investment Crowd is to turn the place into a Giant Mayo-Clinic-Like Retirement Center. That new City Center would be one of the centerpiece properties.
Their plan is to market Fountain.of.Youth Services to the growing population over 65. (1 in 4 Americans)
Much of the suburban sprawl of .VEGAS would be collapsed into a Mega.City.
It could become The.Domainer Capital of the World.
Yeh that’s the ticket . . . . .
What a load of crock.
Can anyone tell me the answer to this question, it is one I have asked myself over and over since this came out? If recession ended in June 2009, over a year ago then why did the Media and Govt not report it? Our news and foreign news have been discussing double dip recession and the last of Aug was a terrible time for the Markets. It just does not make sense to me why this would be promoted now, instead of then.
Could it be the political engine trying to save themselves before Nov? Could it be that the Holidays are coming and retailors are fearful again? If this could be true, which I highly doubt, why did they not share the info and give Americans some hope through this last year?
@Marcella
“It just does not make sense to me why this would be promoted now, instead of then.”
===
1. Do you believe it to be true ?
2. Are you aware the November elections are coming soon in the .USA ?
3. Will Hillary declare she is running after November ?