Tags: Recession | Dates | Double | Dip

Official Judges of Recession Dates Fear Double Dip

Thursday, 22 Apr 2010 11:08 AM

By Dan Weil

The committee that officially determines when recessions begin and end is reluctant to call this one over, because there may be a double dip.

“Although most indicators have turned up, the committee decided that the determination of the trough date on the basis of current data would be premature,” the National Bureau of Economic Research’s Business Cycle Dating Committee said in a statement.

The economy started growing in the second half of last year, surging 5.6 percent in the fourth quarter. But consumer spending remains sluggish, and unemployment has dipped only a bit from its peak – to 9.7 percent.

The recession began in December 2007.

Committee members are worried that the good news might not last. “Many indicators are quite preliminary at this time and will be revised in coming months,” the statement said.

It added that the committee acts only on actual statistics and not on forecasts.

“The odds favor the view that a true expansion has begun and that the recession beginning in 2007 is over,” committee member Robert Hall, a Stanford economist, told The New York Times.

“(But) one cannot totally rule out the unlikely possibility that the economy might resume contraction again soon.”

CNBC commentator Jim Cramer thinks the recession is over.

“I think that it’s the psychological that clouds the picture,” he said. “People don’t feel it.”

Given the job market weakness, that’s hardly surprising.

© 2015 Moneynews. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

F-16s Escort Two Airliners to Atlanta Airport After Bomb Threat

Saturday, 24 Jan 2015 18:37 PM

F-16 fighter jets escorted two passenger planes to Hartsfield-Jackson Atlanta International Airport following a bomb thr . . .

Patriots Accept No Blame Over Deflated Footballs

Saturday, 24 Jan 2015 15:54 PM

The New England Patriots said on Saturday they had followed every rule to the letter and accepted no blame for using f . . .

Vanderbilt Gang-rape Defense Points to Campus Culture

Saturday, 24 Jan 2015 13:46 PM

Defense attorneys for the former Vanderbilt University football players whose own cellphones show they participated in a . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved