Tuesday, April 23, 2024

The recession that began December 2007 can’t be called ended, members of the nonprofit National Bureau of Economic Research told The New York Times on Sunday.

The official announcement the Cambridge-based group is to come Monday, with some members worrying that what seems to be a recovery is just a temporary improvement in an economy set to start another decline.

According to the Times:

It seems nearly certain that the present recession will end up lasting longer than the 16-month recessions of 1973-75 and 1981-82. They had been the longest downturns since the 43-month period from 1929 to 1933 that was the first phase of the Great Depression.

If the bureau doesn’t declare the recession over, this is its 28th month.