Recession Was Longest Postwar Recession Ever
Posted on September 20, 2010The recession tecnically ended in June, 2009 according to the Business Cycle Dating Committee of the National Bureau of Economic Research. It begin December, 2007. This makes the 18 month recession period the longest postwar recession ever. The New York Times says there were two other postwar recessions that lasted 16 months each.
Sadly, many people would say the recession is still continuing. The GDP has slowly moved in positive territory but there has been a jobs recovery.As many economists had expected, this official end date makes the most recent downturn the longest since World War II. This recent recession, having begun in December 2007, lasted 18 months. Until now the longest postwar recessions were those of 1973-5 and 1981-2, which each lasted 16 months.