Date Added: Aug 2009
The economy is recovering, although it is still in a recession, according to author." The reason that these two conclusions can co-exist is that the latter is consistent with the technical definition of a recession, which is two or more consecutive quarters of a decline in real GDP," Bergstrand explains. "While the authors have experienced that decline since June 2008, the recession started officially in December 2007. That is when labor economic activity peaked, with declining activity since then.