It seems not only has the recession ended, but it has been over since June 2009. Missed that memo…
According to the National Bureau of Economic Research which is based in Cambridge, Massachusetts, their finding is the recession started in December 2007 and ended in June 2009 (lasting 18 months) which would be the longest recession the country has gone through since the Great Depression.
With this news just coming out today, reactions were mixed. On the Social Media website, Twitter, the hashtag#recessionended quickly became the #2 trending topic.
Many were passing along the news while others were just verifying the news had actually said the recession was over. There were tweets mentioning how many jobless people would “love” to hear this recently reported information and tweets from people without jobs or going through financial crisis feeling this report was really out of touch.
The nation has seen recessions in the past and has also faced its economic setbacks so it isn’t hard to imagine how an economic group would know which numbers to focus on. The National Bureau of Economic Research (NBER) looked at figures that make up our nation’s GDP (gross domestic product) which measures the total value of goods and services produced in the U.S. The NBER also takes into account the incomes, employment and overall industrial activity.
Not only can the NBER look at these present numbers but they can compare them to past numbers during good economic times and not-so-good economic times in the U.S. Therefore they can look at trends in the U.S. economy. I’m not an economist but it gives them an advantage to use the past to possibly see a bit into the future.
However, that is only part of what today’s article is about. As the saying goes, “a bird in the hand is worth two in the bush.” That also goes for what someone says may be or what they think may happen. To a person without a job or only a part time job instead of a full time job with benefits like they need, to hear these “good news” is more like “passing news” until something more concrete shows up.
Twitter has been a great way for people to share their job finds, job losses or their job being saved. It has also been a good place to keep in touch with others from previous companies or post a type of job they may be looking for. As always, Twitter keeps people up with what is happening at any given moment all around the world. For instance, on a positive note, the DOW rose 145 points today. That is in the right direction.
How has the recession affected you? Or, were you someone that really wasn’t affected? If you were affected, have things improved for you yet? Share your comments.