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Did you hear? The recession is over. And it has been for well over a year, according to the National Bureau for Economic Research. The NBER released a statement Monday indicating the recession officially ended in June 2009.
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If you missed it, you're not alone. The NBER statement went on to point out that the end of the recession in no way meant the U.S. economy was in good shape. Rather, it simply means economic indicators leveled off at that point.
On his blog, Jeff Frankels, a member of the NBER Business Cycle Dating Committee – the group that determines such things as when recessions begin and end – and the James W. Harpel Professor of Capital Formation and Growth at Harvard, commented: "The proposition that the recession is over is only a statement that things are no longer getting worse; it is not a statement that we are back to good times. The economy still feels bad for good reason: It is bad."
But Frankels also writes he is "optimistic" about the country's ability to stay out of a second recession as we continue on the slow path of recovery.
Read more of Frankel's comments on his blog here.