Defining the Recession

Background

Jeffrey Coolidge / Getty Images

The New York Times writes there is no official definition of a recession, and no official body to announce when one starts or ends. Still, recessions are often described as two or more quarters of a declining gross domestic product (GDP).

The National Bureau of Economic Research, a private, non-partisan group based in Cambridge, Mass., does not define a recession based on declining GDP.

“Rather, a recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.” – National Bureau of Economic Research

The NBER says the latest recession began December 1, 2007 and ended in June 2009.

Latest Posts

Follow this topic

February 16, 2012

Idaho’s Foreclosure Rate Posts Dramatic Drop Over Last Year

Idaho’s foreclosure rate ticked up slightly in January, by about 6 percent. That’s according to new numbers from RealtyTrac, which analyzes housing and foreclosure data. That said, the current rate represents a dramatic 68 percent decrease from January of 2011. Moreover, Idaho’s foreclosure rate has now fallen to 16th in the nation, after remaining in […]

February 15, 2012

New Report Predicts the Best Jobs in Idaho for 2012

A Moscow, Idaho based economic modeling company has released its predictions for the Gem State’s top jobs in 2012. Economic Modeling Specialists Inc. or EMSI says registered nurses, nuclear engineers and electrical power-line installers and repairers are the three best jobs to seek this year. EMSI says those three professions have seen some of the […]

February 10, 2012

Idaho AG’s Office: 10,000+ Idaho Homeowners to Benefit from Mortgage Settlement

To get a better understanding of how yesterday’s $26 billion dollar mortgage settlement will affect Idaho borrowers, StateImpact spoke to Brett DeLange, the Consumer Protection Division Chief for the Idaho attorney general’s office. While the settlement is facing criticism and questions about its worth to homeowners, DeLange says thousands in Idaho stand to benefit. Q: […]

February 9, 2012

Where Idaho Borrowers Stand in Today’s Mortgage Settlement

Idaho borrowers will receive close to $100 million from the $26 billion agreement struck between government officials and five of the nation’s largest banks. That’s according to a statement from the Idaho Attorney General’s office, released this morning. Here are the specifics, according to that release: The agreement provides an estimated $99,857,551 in direct relief […]

February 7, 2012

Tallying Job Losses and Gains in Idaho’s Construction and Manufacturing Sectors

Brookings Institution economist Gary Burtless highlights recent national gains in the manufacturing and construction sectors after last week’s news that the unemployment rate has dropped to 8.3 percent. However Burtless puts those gains in perspective, writing: Service-producing employers in the private sector are the source of an overwhelming share of net new employment in the […]

February 6, 2012

Micron Shares Dip in the Wake of Appleton’s Death

Micron shares fell nearly 3 percent today, closing the day at $7.73. That’s following the news of CEO Steve Appleton’s death in a small plane crash at the Boise airport on Friday. Micron named its president and chief operating officer, Mark Durcan, to the CEO position on Saturday. Analysis of Micron’s position in the wake […]

Idaho’s Economic Confidence Among Nation’s Lowest, Gallup Says

According to a new analysis from polling firm Gallup, Idahoans are more pessimistic about the national economy than most. The state was among the ten least confident, tied with Nevada, Florida and Ohio. Gallup explains there aren’t clear patterns among the states that register the lowest levels of economic confidence. “[T]he top 10 states vary […]

February 3, 2012

One Job Consultant Says: Keep Looking for the Right Job, Even in This Economy

Like the national unemployment rate, which now stands at 8.3 percent, Idaho’s jobless rate has ticked down in recent months. In December, the state’s rate stood at 8.4 percent. Put in other terms, Idaho’s economy has added 8,000 jobs since September of last year. What’s harder to know is what kinds of jobs people are […]

January 27, 2012

A Young Refugee Searches For A Place In Idaho’s Reshaped Economy

In the last few years, more than 4,000 refugees have found their way to Idaho. They’ve come from Africa, and from East and South Asia. Most came to Boise. For years, the city’s strong economy, good quality affordable housing and supportive community created an especially favorable environment for refugee resettlement. Now, the recession has shifted […]

January 26, 2012

The Recession and its Effects on Refugee Resettlement

Idaho residents know well the reversal of fortune the state has seen since the start of the recession. The state, which not so long ago had the fastest growing economy in the nation, has been hit hard. In a broadcast story tomorrow, we’ll look at how Idaho’s economic troubles have affected the state’s refugee population, […]