Report concludes US recession lasted 18 months

| September 20, 2010 | 0 Comments
Report concludes US recession lasted 18 months

A report by the National Bureau of Economic Research (NBER) has concluded the world’s largest economy exited recession in June 2009 - officially making it the most prolonged since World War II.

The NBER said the recession began in 2007 and more than eight million jobs were lost during the slump.

Despite the US emerging from recession last summer, President Barack Obama said this offers little solace to the millions of people who still do not have a job.

“Even though economists may say that the recession officially ended last year, obviously for the millions of people who are still out of work, people who have seen their home values decline, people who are struggling to pay the bills day to day, it’s still very real for them,” said the President.

In other US news today, the Organisation for Economic Co-operation and Development (OECD) revised its growth forecast for the economy.

The Organisation is forecasting the world’s largest economy will grow by 2.6% this year, down from its previous forecast of 3.2%.

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