ianstone
09-20-2010, 03:27 PM
20 September 2010 Last updated at 16:59
US recession 'longest since WWII'
http://news.bbcimg.co.uk/media/images/49177000/jpg/_49177746_usfactory.jpg The report took in data including industrial production
The US recession lasted 18 months and was the most prolonged since World War II, a report has concluded.
The National Bureau of Economic Research said the recovery began in June 2009, with recession having begun in 2007.
Its views carry weight in the US, even though there is usually a lag before it reaches a position, said BBC World Service economics editor Andrew Walker.
The organisation's figures take in data beyond simply GDP.
Income, employment industrial production and wholesale retail sales also form part of the analysis.
The previous longest postwar recessions in 1973-75 and 1981-82 both lasted 16 months, it said.
Growth downgrade "The committee did not conclude that economic conditions since that month have been favourable or that the economy has returned to operating at normal capacity," the NBER said.
"Rather, the committee determined only that the recession ended and a recovery began in that month."
Separately on Monday the Organisation for Economic Co-operation and Development (OECD) also cut its US growth forecast.
The OECD predicts the US economy will grow by 2.6% this year, having previously predicted expansion of 3.2%.
It also warned in its latest economic survey of the US that the downturn may trigger long-term damage to the economy, with higher long-term unemployment.
Meanwhile, the UK's Centre for Economics and Business Research (CEBR) said that it expected the US economy to expand by 2.2% next year, after growing by 2.5% this year.
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http://news.bbcimg.co.uk/media/images/48292000/jpg/_48292145_promos226x170.jpgIn graphics: Eurozone in crisis (http://www.bbc.co.uk/news/10150007)
Compare unemployment levels, debt and deficits
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Latest News
Japan moves to combat rising yen (http://www.bbc.co.uk/news/business-11308351)
EU increases 2010 growth forecast (http://www.bbc.co.uk/news/business-11282137)
Economic forecast gloomy says IMF (http://www.bbc.co.uk/news/business-11269449)
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US recession 'longest since WWII'
http://news.bbcimg.co.uk/media/images/49177000/jpg/_49177746_usfactory.jpg The report took in data including industrial production
The US recession lasted 18 months and was the most prolonged since World War II, a report has concluded.
The National Bureau of Economic Research said the recovery began in June 2009, with recession having begun in 2007.
Its views carry weight in the US, even though there is usually a lag before it reaches a position, said BBC World Service economics editor Andrew Walker.
The organisation's figures take in data beyond simply GDP.
Income, employment industrial production and wholesale retail sales also form part of the analysis.
The previous longest postwar recessions in 1973-75 and 1981-82 both lasted 16 months, it said.
Growth downgrade "The committee did not conclude that economic conditions since that month have been favourable or that the economy has returned to operating at normal capacity," the NBER said.
"Rather, the committee determined only that the recession ended and a recovery began in that month."
Separately on Monday the Organisation for Economic Co-operation and Development (OECD) also cut its US growth forecast.
The OECD predicts the US economy will grow by 2.6% this year, having previously predicted expansion of 3.2%.
It also warned in its latest economic survey of the US that the downturn may trigger long-term damage to the economy, with higher long-term unemployment.
Meanwhile, the UK's Centre for Economics and Business Research (CEBR) said that it expected the US economy to expand by 2.2% next year, after growing by 2.5% this year.
Global Economy (http://news.bbc.co.uk/1/hi/in_depth/business/2007/creditcrunch/default.stm)
Background and Analysis
Does currency intervention work? (http://www.bbc.co.uk/news/business-11311802)
One-man protest reflects Europe's woes (http://www.bbc.co.uk/news/world-europe-11029069)
What shape are economies in? (http://www.bbc.co.uk/news/business-10955199)
Figuring out China's real economic size (http://www.bbc.co.uk/news/business-11060629)
Australian firms fear migrant curbs (http://www.bbc.co.uk/news/business-10939374)
Essentials
http://news.bbcimg.co.uk/media/images/48292000/jpg/_48292145_promos226x170.jpgIn graphics: Eurozone in crisis (http://www.bbc.co.uk/news/10150007)
Compare unemployment levels, debt and deficits
Q&A: What's moving the yen? (http://www.bbc.co.uk/news/business-11297402)
Latest News
Japan moves to combat rising yen (http://www.bbc.co.uk/news/business-11308351)
EU increases 2010 growth forecast (http://www.bbc.co.uk/news/business-11282137)
Economic forecast gloomy says IMF (http://www.bbc.co.uk/news/business-11269449)
China imports in surprise surge (http://www.bbc.co.uk/news/business-11256738)