Recession now official

Not that there was much doubt about it, but the Business Cycle Dating Committee of the National Bureau of Economic Research, the official arbiter when it comes to recessions, has declared that the nation's economic contraction began a year ago - in December 2007. That marked the end of an expansion lasting 73 months; the previous expansion of the 1990s lasted 120 months. Recessions have been loosely defined as two consecutive quarters of negative growth, but this little-known organization ultimately has the last word. (Itís worth noting that the GDP didnít get into negative territory until the third quarter of this year.) Recessions over the last half century have lasted an average of 10 months, but the one in the mid-70s dragged on for 17. That still suggests an upturn in the second half of 2009, though thatís barely more than a guess. (Real Time Economics)


More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent stories:
Letter from Down Under: Welcome to the Homogenocene
One last Florida photo
Signs of Saturday: No refund
'I Am Woman,' hear them roar
Bobcat crossing

New at LA Observed
On the Media Page
Go to Media

On the Politics Page
Go to Politics
Arts and culture

Sign up for daily email from LA Observed

Enter your email address:

Delivered by FeedBurner


Advertisement
Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
LA Observed on Twitter and Facebook