Happy Birthday Economic Recovery!
As June came to a close, the current economic recovery and expansion turned eight years old, the third longest since the end of WWII. That’s according to data compiled by the National Bureau of Economic Research (NBER), which marked the end of the Great Recession in June 2009.
A quick explanation–the NBER is the arbiter of recessions and expansions for the U.S. economy. It bases its calls on data that includes employment, sales, income, and industrial production.
In a vacuum, eight years may not mean very much to the average person, so I will offer some perspective. (more…)