Tuesday, September 21, 2010

U.S. Exits Longest Recession Since World War II

(Industry Week – Andrew Beatty, Agence France-Presse)

According to the National Bureau of Economic Research, the U.S. economy exited recession in June 2009. The announcement was made on Sept. 20. More than eight million jobs were lost in the slump that was triggered by dodgy Wall Street mortgage investments.

President Barack Obama said the end of the “Great Recession” would come as little solace to the millions of people who are still out of work. “Even though economists may say that the recession officially ended last year, obviously for the millions of people who are still out of work, people who have seen their home values decline, people who are struggling to pay the bills day to day, it’s still very real for them.”

The NBER underscored that slow pace of recovery as it issued a statement that confirmed: “The recession lasted 18 months, which makes it the longest of any recession since World War II. Read more here.