Getting your player ready...
It’s official. Now in its 16th month, the great recession that began in December 2007 is tied for the longest in duration since the Great Depression. (Ones before World War I regularly lasted much longer).Of course, that assumes the current one hasn’t already ended.
The group that calls the beginning and ends of such things, the National Bureau of Economic Research, does so only months after the fact. It didn’t announce the end of the 2001 recession, for example, until July 2003. Most economists expect continued weakness through 2009.
