New York (CNN)–The panel of economists responsible for identifying changes in the U.S. business cycle said Monday that it's "premature" to say whether the recession that began in 2007 has ended.
"Although most indicators have turned up, the committee decided that the determination of the trough date on the basis of current data would be premature," according to a statement from the National Bureau of Economic Research.
I would say that there should be mulitple recession standards. I would say that the recession isn't over until the unemployment rate returns to something under 7%. That might take a while.
The recession is not any better if you talk to real people and real small business owners-the many I have talked to are still as bad off as ever,if not worst(most are in construction related fields & home building).The small business retailers such as boats/real estate say the banks are not loaning money even to good credit holders.
Summer is around the corner and jobs are on the way.,
But wait, the New York Times said the recession is over on a front page story last friday. They said that the economists were in agreement. I guess this means the folks from the National Bureau of Economic Research must either be mistaken or their lying. Or, maybe they are telling the truth and the great New York Times is reporting what they want us to hear because it puts the current Dem leadership in a better light. What a disgrace.
The great New York Times, "All the news they see fit to print" weather its true or not.
Economists agree: Too soon to call Sarah Palin over!
No, it's not over, but it's not as bad as it was. The president's attempts to try to save the economy are working. Too bad the GOP will try to take credit for it instead of accepting the blame of their mismanagement.
Economists can call it what they want; they have their definitions, they are not flexible, and they should stick with them. The people of the USA know we are not satisfied with the current situation, and we want continued, sustainable improvement. We should be able to expect that out of our leaders.
Unfortunately, the Republicans want to downplay anything accomplished by the Obama administration, while offering only the same ideas that got us into this mess and opposing any efforts by the Dems.
Well after Obama's comment about maybe 10% unemployment is the new norm the recession could be over.
… Although most indicators have turned up…Yes, through very hard work, things are looking a lot better considering were we where and were we were heading after 8 years with Bush and Co…When you look at the “creativity” of the still existing “Co” of the Bush years, the GOP, the Tea baggers, the Fox gang, and some other “Real Americans”, one can only thank the people for the result of the 2008 election! With McCain and Palin, the indicators would be so far down; you would have to go into the basement to find that line of indicators again!
But, as they say: fool me once – shame on you, fool me twice – shame on me! I do not think the people are eager to put shame on themselves again and vote for the same old GOP that took them for a ride into war and deficits before!
What???? Barry says it's over. An we all know, he can do or say no wrong.
So if these guys are the one's "responsible for I.......", who it the hell is doing the prognosticating for Barry? And why are we listening to them?