It's over

THE American recession is officially over. This isn't a surprise. The official end-date, according to the National Bureau of Economic Research, was June of 2009. This also wasn't a surprise. That end-date made the recession of 2007-09 the longest in America's postwar history at 18 months, surpassing the 16-month contractions in 1973-75 and 1981-82. Also not a surprise. Back in April, the NBER Business Cycle Dating Committee met to discuss whether an official end-date could be determined. At that point, there was near-universal agreement that the recession was over. And committee member Robert Gordon was quite adamant in arguing that the committee had enough information to make a call and to name June of 2009 the trough.

Read at The Economist

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