Defining the Recession

Background

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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.

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November 11, 2011

In Rural Idaho, The Recession Changes One Town’s Fate

Unemployment numbers have soared to their highest levels in rural parts of Idaho, among them Camas County. This summer, local unemployment approached 17 percent. That’s a number that has left Fairfield, population 416 and the only town in Camas County, struggling for survival.

November 10, 2011

Jobless in Idaho: College Grad Starts from Scratch

“They wouldn’t even look at or consider me unless I had a four-year degree.”

November 9, 2011

Simplot Will Cut Hundreds of Jobs by Opening New Plant

J.R. Simplot Company announced today that it will replace three of its existing potato processing plants with a new facility in Caldwell, resulting in a loss of at least 550 jobs. The plants slated for closure are in Caldwell, Nampa and Aberdeen. The company said it expects the new Caldwell facility to be up and […]

Young Adults Face Big Hurdles

A recent study published by the progressive think tank Demos paints a bleak picture for 20-somethings in the U.S. The report says almost all young people earn less than the previous generation at the same age. Plus, in today’s world, a college education is becoming a standard requirement in order for 20-somethings to advance up […]

Career Counselor Embraces New Technology: Network, Network, Network

Debbie Kaylor is the director of Boise State University’s Career Center. She and her staff help students and alumni decide what kind of career path is right for them. The center also helps facilitate internships. It provides assistance with interview skills, building resumes and networking. I spoke with Kaylor to find out if university career […]

November 8, 2011

Labor Director Opposes Extending Unemployment Benefits

In a move that surprised advocates for Idaho’s disadvantaged, Idaho Department of Labor Director Roger Madsen today urged state lawmakers and Idaho’s Congressional delegation to oppose the further extension of federal unemployment insurance benefits. Madsen said his aim is to bolster the program’s long-term strength. In a letter addressed to Idaho U.S. Senator Mike Crapo […]

Jobless in Idaho

The Idaho Department of Labor estimates there are nearly 70,000 people in the state who don’t have jobs. Tens of thousands more are either underemployed or have stopped looking for work. “The unemployment rate measures people who are actively looking for work or working. If you’re not actively looking for work than you’re listed in […]

October 27, 2011

GDP: Three Little Letters, One Big Meaning

Gross Domestic Product is one of the measures used to define an economic recession or recovery. But what is GDP? Planet Money’s Adam Davidson goes to the grocery store with economist Simon Johnson to find out the answer. This is the first of a series of videos Planet Money is doing with Slate.

October 24, 2011

Business Owners Take On Recession vs Recovery

Some Idaho business owners say the same thing: recession or recovery, it doesn’t really matter what it’s called, business is slow. Last week we talked with Idaho economists about this idea. Boise State University economics professor Don Holley says labeling trends “recession” or “recovery” does make a difference. “If we were still (technically) in a […]

October 21, 2011

Q & A: Boise State University Economics Professor Don Holley on Recession vs. Recovery

Q: What is a recession? A: When you talk about a business cycle, you have a downturn and an upturn. The downturn is the recession and the upturn is the recovery. Once you hit the bottom and start to come up, you’re in recovery, but you certainly haven’t gotten back to where you were before. […]