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.

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February 4, 2013

Why Idaho’s Fast Foreclosure Process Pays Off For The State’s Housing Market

This morning, NPR’s Morning Edition took a look at Florida’s slowest-in-the-nation foreclosure process. The state’s foreclosure rate recently surpassed Nevada’s to become the highest in the country. Many say Florida’s long legal process is to blame. In Idaho, by contrast, the foreclosure process is unusually short. That’s according to RealtyTrac vice president Daren Blomquist. He […]

January 31, 2013

“Worst Place To Buy” Ranking Is Fine News For Boise Homeowners

Housing data provider RealtyTrac is out with new numbers that show Boise is one of the worst places to buy a foreclosure. That’s not a bad thing. “Certainly from the perspective of homeowners in that market, it’s a good thing to be on that worst list,” says RealtyTrac vice president Daren Blomquist. “Really what that […]

January 30, 2013

New Report Shows Many Idahoans Don’t Have Adequate Savings

Two in five Idahoans who are “liquid asset poor” wouldn’t be able to pay their bills if they lost their job. The Idaho Statesman reports on a study out today that takes a closer look at Americans’ finances. A report released today by the Corporation for Enterprise Development says 44 percent of Idahoans are on […]

November 21, 2012

PBS Frontline Documentary ‘Poor Kids’ Highlights Growing Poverty In The U.S., In Idaho The Story Is Similar

As the holiday season gets underway, the PBS show Frontline premiered a new documentary this week that tells the story of child poverty in America through the eyes of kids. It’s called Poor Kids, and the hour-long program weaves together the similar stories of three families living in poverty, and trying to work their way […]

October 15, 2012

Rural Idaho Faces Diminished Federal Grant Dollars

Rural Idaho communities have struggled with high unemployment, stalled home construction, and shrinking school budgets since the onset of the recession. Add to that list dwindling federal grant dollars. StateImpact reported in April that funding for the Idaho Community Development Block Grant Program has been cut by a quarter in recent years, leaving the state […]

October 11, 2012

Idaho Foreclosures Ticked Up In Summer Months

Idaho saw more foreclosure filings from July through September than it did in the previous quarter of the year, according to RealtyTrac data released today. The number of filings inched up by 5.6 percent from the second to third quarters. Idaho has the 14th highest foreclosure rate in the nation, with one of every 294 […]

October 9, 2012

Idaho Creamery Closes Its Doors After Striking Wal-Mart Deal

Days after the Idaho State Department of Agriculture touted that Wal-Mart has begun carrying cheeses from Nelson-Ricks Creamery Company’s Rexburg plant, the company announced it will end production this month. “What’s happened to the company has been devastating,” president Reagan Wood said Monday. “The community and the employees have been impacted, and we did everything […]

October 4, 2012

Truckers, Mechanics To Lose Jobs At Idaho Molybdenum Mine

Thompson Creek Metals Company answered questions from investors today after announcing yesterday that it will suspend a planned phase of activity at its molybdenum mine in Custer County, resulting in job cuts. The company expects to lay off 104 of its approximately 400 employees, CEO Kevin Loughrey said today. “They’re going to be primarily truck […]

September 27, 2012

Understanding Idahoans’ Economic Health

Over the last week, we’ve used new data from the U.S. Census Bureau to check some of Idaho’s vital signs. We’ve looked at change in median income, the poverty rate, and food stamp use, as well as what Idahoans do for work. What emerges is a picture of struggle in the state. Median household income […]

September 25, 2012

More Than 12,000 Idaho Borrowers Could Receive Mortgage Settlement Checks

The historic $25 billion national mortgage settlement reached in February could result in direct payments to more than 12,200 Idaho borrowers. That’s how many Idahoans are eligible to share in nearly $10 million in direct payments from Bank of America, J.P. Morgan Chase, Wells Fargo, Citigroup and Ally Financial. The borrowers were on the receiving […]