CNN Breaking News: Recession Ended in June 2009

[Beach Runner]

Oh, really? So why can't recent college graduates get jobs? And why are so many people 55 and over being offered "voluntary" retirement packages with non-compete clauses (which means if they don't accept, the employer can fire them at a moment's notice with no benefits, and if they do accept, they can't work in their area of expertise for a few years)? And why are tenured professors being offered early retirement packages WHEN THEY HAVE TENURE? And why are property values going way south? PULLEAZZE!

 

[TooFarTampa]

I assume they are going by the strict economic definition of a recession as a period of negative economic growth, rather than one dominated by negative emotions.

Honestly, you look back and it has been a lost decade in so many respects, whether or not the recession actually lasts longer than two years or so.

 

[Miss Critter]

Older people who lose their jobs take longer to find work. In August, the average time unemployed for those 55 and older was slightly more than 39 weeks, according to the Labor Department, the longest of any age group. That is much worse than in August 1983, also after a deep recession, when someone unemployed in that age group spent an average of 27.5 weeks finding work.

At this year's pace of an average of 82,000 new jobs a month, it will take at least eight more years to create the 8 million positions lost during the recession. And that does not even allow for population growth.

for-the-unemployed-over-50-fears-of-never-working-again: Personal Finance News from Yahoo! Finance

Ordinarily, it might boost consumer spirits to have official confirmation that we're on the way back to prosperity. Yet even economists seem mystified by a "recovery" characterized by sky-high unemployment, falling incomes, record poverty, and an endless housing bust. In its recession-ending announcement, the NBER noted that hitting the trough in June 2009 wasn't exactly like making it to happy hour on Friday afternoon. It was more like the unidentifiable moment when you stop getting more drunk and start getting less drunk. "The committee did not conclude that economic conditions since that month have been favorable," the NBER explained, "or that the economy has returned to operating at normal capacity?. The trough marks the end of the declining phase and the start of the rising phase of the business cycle."

Why There's No Joy Over the Recession's End - Yahoo! Finance

Obviously, somebody's been drinkin'. :roll:

 

[30ashopper]

This isn't over yet, despite what the numbers on paper claim.

 

[bluecat]

Do they not get it? Sent our jobs to China and Mexico,in turn they send us inferior products, we buy ,their crappy products break, won't fit, fall apart so the Chinese and Mexicans get to make more crappy products. Enough is enough, bring jobs home where they belong. Then, maybe we could see light at the end of the tunnel. Recession over, who do they think they are kidding?

 

[RiverOtter]

Whew! Glad that's over

 

[TooFarTampa]

Do they not get it? Sent our jobs to China and Mexico,in turn they send us inferior products, we buy ,their crappy products break, won't fit, fall apart so the Chinese and Mexicans get to make more crappy products. Enough is enough, bring jobs home where they belong. Then, maybe we could see light at the end of the tunnel. Recession over, who do they think they are kidding?

Very true. But how to bring those jobs home? It's cheaper to make all those lead-filled inferior things overseas. Bring the jobs home and companies have to pay more for labor. More businesses fold, etc. We are in a pickle.

 

[Lynnie]

Not saying this is the case, but the numbers can always be manipulated. Are they still calling this at a minimum an economic downturn? With unemployment still hovering over 10% and in many areas, up to 19%, record foreclosures and a high volume of bankruptcy filings, I believe we are still climbing out of this and still have a long row to hoe.

I believe little in mainstream media, particularly from CNN.

 

[TooFarTampa]

Not saying this is the case, but the numbers can always be manipulated. Are they still calling this at a minimum an economic downturn? With unemployment still hovering over 10% and in many areas, up to 19%, record foreclosures and a high volume of bankruptcy filings, I believe we are still climbing out of this and still have a long row to hoe.

I believe little in mainstream media, particularly from CNN.

It wasn't just on CNN. The report was from the National Bureau of Economic Research, also known as the Official Declarers of When There is a Recession and When Growth is Going Gangbusters.

Monday's report said:

The Business Cycle Dating Committee of the National Bureau of Economic Research met yesterday by conference call. At its meeting, the committee determined that a trough in business activity occurred in the U.S. economy in June 2009. The trough marks the end of the recession that began in December 2007 and the beginning of an expansion. 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. A recession is a period of falling economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales. The trough marks the end of the declining phase and the start of the rising phase of the business cycle. Economic activity is typically below normal in the early stages of an expansion, and it sometimes remains so well into the expansion.

 

[Beach Runner]

In its recession-ending announcement, the NBER noted that hitting the trough in June 2009 wasn't exactly like making it to happy hour on Friday afternoon. It was more like the unidentifiable moment when you stop getting more drunk and start getting less drunk.

Obviously, somebody's been drinkin'. :roll:

Good one, Miss Critter!