Via NEW YORK (CNNMoney.com):
The Great Recession ended in June 2009, according to the body charged with dating when economic downturns begin and end. But the news comes amid rising fears of a double-dip recession.
The National Bureau of Economic Research, an independent group of economists, released a statement Monday saying economic data now clearly points to the economy turning higher last summer.
That makes the 18-month recession that started in December 2007 the longest and deepest downturn for the U.S. economy since the Great Depression.
The NBER acknowledged the risk of double-dip recession in its statement, but said “The committee decided that any future downturn of the economy would be a new recession and not a continuation of the recession that began in December 2007. The basis for this decision was the length and strength of the recovery to date.”
The committee that made the finding said it “did not conclude that economic conditions since that month have been favorable or that the economy has returned to operating at normal capacity.” Rather, it decided that June was when the economy hit bottom, and that it has been slowly but steadily growing since then.