Search results
Results from the WOW.Com Content Network
The NBER considers a very short recession to have occurred in 1980, followed by a short period of growth and then a deep recession. Unemployment remained relatively elevated in between recessions. The recession began as the Federal Reserve, under Paul Volcker, raised interest rates dramatically to fight the inflation of the 1970s.
The NBER is claimed by some to serve the role as an arbiter of whether the U.S. is in a recession or not. [10] The National Bureau of Economic Research (NBER) does not function as a real-time arbiter in determining the onset and duration of recessions but rather serves as a retrospective marker. [11]
The NBER officially calls U.S. recessions, and data from Bank of America shows why this group won't be in a rush to declare the U.S. economy in recession.
The NBER, a private economic research organization, defines an economic recession as: "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". [16]
The National Bureau of Economic Research (NBER)'s Business Cycle Dating Committee, a group of professors that officially decides the beginning and end of recessions, says it's not yet ready to ...
For comparison, the severe 1981-82 recession had a jobs decline of 3.2%. [49] Full-time employment did not regain its pre-crisis level until August 2015. [51] The unemployment rate ("U-3") rose from the pre-recession level of 4.7% in November 2008 to a peak of 10.0% in October 2009, before steadily falling back to the pre-recession level by May ...
In fact, the recession ended before the NBER determined that a recession had begun. Still, that recession cut deep, with the unemployment rating hitting 14.8% as 22 million jobs were slashed.
The immediate cause of the recession was a loss of consumer and business confidence as a result of the 1990 oil price shock, coupled with an already weak economy. [5] Another factor that may have contributed to the weakening of the economy, was the Tax Reform Act of 1986 , which lowered investment incentives and contributed to the end of the ...