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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May 31, 2012

Good Sign: Homes In Foreclosure Are A Smaller Share Of Idaho Sales

More than 22 percent of the homes sold in Idaho in the first four months of the year were in some stage of foreclosure. That might sound like a lot, but it’s actually a sign of improvement in the state’s housing market. Why? Because the numbers from housing data provider RealtyTrac show that the proportion […]

May 17, 2012

Mapping Migration: Where Idahoans Go

As we reported yesterday, Idaho’s population has grown more than 20 percent in the last decade. But just as new people move to the state, some Idahoans are moving out.

So, where do most Idahoans go?

Not surprisingly, many Idahoans move to nearby states. But there’s also a significant number of former Gem Staters in Virginia, Florida and Texas.

Housing Groups Cry Foul As Idaho Holds Onto Settlement Money

Idaho received more than $13 million in a national, multi-billion dollar mortgage settlement reached early this year. But the state has committed only a fraction of that amount to housing programs and alleviating the effects of the housing crisis. The historic mortgage settlement was the result of negotiations between states’ attorneys general and five of […]

May 16, 2012

Mapping Migration: Who Moves To Idaho

You’re more likely to meet a Floridian than a North Dakotan in Idaho. In the last decade, Idaho’s population has grown by more than 20 percent. So, where are they coming from? We look at some interesting IRS data.

May 14, 2012

Reporter’s Notebook: Understanding The Refugee Travel Loan Program

Some stories take a long time to report. StateImpact‘s recent piece on the refugee travel loan program is one example. I first spoke to Legal Aid attorney Zoe Ann Olson in February, not long after I reported a story about how Idaho’s economic downturn has affected refugee resettlement. Marcia Munden, the Catholic Charities social worker […]

May 11, 2012

Refugees In Idaho: A Look At The Numbers

Source: Idaho Office for Refugees This week, StateImpact Idaho has been reporting on a little-known program called the International Organization for Migration U.S. Refugee Travel Loan Program. It’s a federally-funded program that provides loans to refugees, allowing them travel to the United States. Yesterday’s story described the bind some refugees and refugee families find themselves […]

May 10, 2012

Travel Loans Jeopardize Success For Idaho Refugees

The weak economy has exposed shortcomings in a little-known program of the U.S. State Department. Each year, tens of thousands of refugees arrive in the U.S. Most take out federally-funded loans to cover the cost of travel. But in this economy that has left so many without work, refugee advocates and refugees themselves say the […]

May 9, 2012

More Idahoans Are Paying Their Mortgages

The national mortgage delinquency rate went down in the first quarter of this year. It’s an indication of economic improvement, and Idaho beat the national average. The mortgage delinquency rate is a measure of how many borrowers are more than two months past due on their home loan payments. According to credit bureau TransUnion, the […]

Refugee Travel Loans: What They Are, And Why You Should Care

Tomorrow, we’ll air a broadcast story on a program you’ve probably never heard of. It’s called the International Organization for Migration U.S. Refugee Travel Loan Program. What is it? In short, it covers the cost of transportation for nearly all refugees resettled in the United States. (For this year, that could be as many as […]

May 3, 2012

Idaho Communities To Receive More Than $5.5 Million In Grant Funds

Gov. C.L. “Butch” Otter has signed off on more than $5.5 million in grant awards to Idaho communities. Otter followed the guidance of the Idaho Economic Advisory Council in his decisions, approving all 18 grant proposals that the council recommended for funding. Twin Falls will receive $500,000 in federal Community Development Block Grant dollars to […]