The recession that forced the U.S. economy to shrink at nearly a 6% annualized rate between Sept. 2008 and March 2009, a shocking slowdown that pushed the global economy into contraction for the first time since the GD, has ended, FBN reports, citing economists surveyed by the National Association for Business Economics [NABE].
According to the survey released Monday at the Association’s annual meeting in St. Louis, over 80% of respondents said they believe an expansion has begun.[FBN] “The good news is that this deep and long recession appears to be over, and with improving credit markets, the U.S. economy can return to solid growth next year without worry about rising inflation,” said Lynn Reaser, chief economist at Point Loma Nazarene University and NABE President-elect.
Even with the recession coming to an end, the nation still faces a long and likely painful road to recovery after surviving a near-death economic experience in the last several quarters. Almost all of the NABE panelists said it would take until at least fiscal 2012 to recoup all of the jobs lost in the contraction.
While the recovery has begun, said Reaser, it will be “more moderate than those typically experienced following steep declines.”