Recession is long over, group says
The longest U.S. recession since the Great Depression ended in June 2009, lasting 18 months, Bloomberg reported today after a statement from the National Bureau of Economic Research, the accepted arbiter of when recessions start and end. Marked by a collapse in housing and sub-prime mortgage lending that triggered a global meltdown in financial markets, the downturn trailed the 43-month Great Depression that lasted from 1929 to 1933, surpassing the 16-month contractions of 1973 to 1975 and 1981 to 1982. More than 8 million workers lost their jobs as a result of the recession, a slump that may take years to fix.
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