The talk of Twitter this morning among money types is the recession. It's over. In fact, it's been over since June 2009, according to the National Bureau of Economic Research:
Here's the NBER's explanation in pointy-head speak:
The committee went on to say that it would consider any further decline in economic activity beyond June 2009 its own recession. Oh goody.
Honestly, it is good to hear this. Like a pendulum, we tend to be overly optimistic in boom times and overly pessimistic once the party is over. Maybe this news will give some the confidence to spend just a little, to invest just a little, to live a little.
Then again, if your house value is down, your income hasn't risen, and your brother-in-law is out of work again, it's hard to believe the economy has been growing, even slowly.
For extra credit, here's how the NBER defines a recession:
Don't we know it.
