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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April 30, 2012

Jobless In Idaho: Ten Weeks To Find Work

Idaho’s economic picture has begun to brighten, but the state has yet to make up the jobs it lost in the downturn. Many in Idaho have watched their months of unemployment add up. Single mom Kelly Barker is one of them. She just reached an anniversary she’d rather not observe. It has now been a […]

April 25, 2012

Personal Income On The Rise In Most Idaho Counties

The Idaho Department of Labor reports personal income grew in most counties in 2010. As StateImpact recently reported, Idaho’s personal income grew 5.4 percent from 2010 to 2011. Now, county-level data from the U.S. Bureau of Economic Analysis shows 37 of Idaho’s 44 counties posted personal income gains in 2010. That’s positive news considering just […]

April 20, 2012

Idaho’s Unemployment Rate Falls, But National Focus Is On Fragility

Thirty states including Idaho saw their unemployment rates fall in March, according to the Bureau of Labor Statistics. Idaho’s rate dipped below 8 percent for the first time in more than two years, landing at 7.9 percent. Furthermore, just three states still have unemployment rates in the double digits, a striking improvement from two years […]

Idaho’s Jobless Rate Dips Below 8 Percent

Idaho’s seasonally adjusted unemployment rate for March dropped below 8 percent to 7.9 percent. The Idaho Department of Labor reports that’s the first time the state’s jobless rate has dipped below 8 percent in more than two years. Still, almost 62,000 Idahoans are out of work. The data show Idaho’s jobless rate has been on the […]

April 19, 2012

Fewer Bank-Owned Homes For Sale In Southwest Idaho

Idaho Business Review reports the number of bank-owned homes for sale in southwest Idaho dropped almost 20 percent from February through the end of March. The publication cites a recent report from Idaho Data Providers, which says the number of bank owned homes (REOs) dropped from 1,176 to 973 during that time period. “This fact […]

April 18, 2012

Twin Falls, Fairfield Recommended For Grant Funding

More than 15 Idaho counties and communities will receive grant funding for development projects, pending approval from Gov. C.L. “Butch” Otter. The Idaho Economic Advisory Council last week reviewed communities’ applications for federal Community Development Block Grant funding. Among the requests approved by the council was $500,000 in funding to upgrade Twin Falls’ municipal water […]

April 12, 2012

States Like Idaho Drive Decrease In National Foreclosures

The number of foreclosures in Idaho has remained relatively stable since October of last year, according to data from RealtyTrac, out today. Foreclosure filings made a slight .62 percent dip in the first quarter of 2012. Compared to the first quarter of last year, filings have come down dramatically, falling by about 60 percent. Nationally, […]

Little By Little, Idaho’s Hard-Hit Housing Market Begins To Revive

Idaho was hit hard in the housing crash. For the better part of three years, the state’s foreclosure rate was one of the highest in the nation. The Boise area saw the worst of it. That means it’s been a while since this scene played out with any kind of regularity. Little By Little, Idaho’s […]

April 11, 2012

Idaho Communities Compete For Dollars As Grant Funds Drop

Twin Falls needs to upgrade its water system to meet the demands of the new Chobani Yogurt plant. Fairfield needs a new pump, because its water pressure is so low that bacteria builds up in its pipes. They’re just two of the communities applying for a decreasing pool of federal grant funding. For Idaho cities […]

April 6, 2012

Rural Idaho Continues To Shrink

Rural Idaho counties are becoming, well, rural-er. New data from the U.S. Census Bureau show populations continue to decline in rural parts of the state. Census numbers released this week look at population movement between 2010 and 2011. According to the Idaho Department of Labor’s analysis, more counties lost population over that year than at […]