Good news! The NBER’s business cycle dating committee has determined that the recession is over! Actually, it ended more than one year ago!
The National Bureau of Economic Research, the arbiter of the start and end dates of a recession, determined that the recession that began in December 2007 ended in June 2009.
The business-cycle dating committee met by phone on Sunday and came to the determination. “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,” the committee said in a statement.
Strike another nail in the flesh-stripped skull of Keynesian economics. First they’ll have to announce a double-dip. Then, a few years later, they’ll revise their numbers and announce that it was all just one great big depression… long after it is accepted wisdom.