The amazing Obama has ended the recession, gave us all health care and brought the troops home from Iraq, all in his first two years.
By Michael S. Derby
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--The longest recession of the post World War II period now has an end date.
The National Bureau of Economic Research announced Monday that the downturn that started in December 2007 ended in June of last year. The 18 month contraction was longer than the 1973-1975 and 1981-1982 recessions.
The unofficial referee of the U.S. business cycle said in a statement on its website its determination the recession ended has little to say about the current state of the economy.
"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."
Instead, "the committee determined only that the recession ended and a recovery began in that month."
The NBER's determination makes it effectively impossible to have the much feared double dip recession, wherein economic activity turns negative again after a period of positive momentum.
"Any future downturn of the economy would be a new recession and not a continuation of the recession that began in December 2007," the group said.
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