According to the National Bureau of Economic Research this morning, the recession officially ended in June 2009.
Note well the NBER’s caveats:
The bureau’s Business Cycle Dating Committee, which met Sunday, stresses that it does not conclude that economic conditions since then have been favorable or that the economy has returned the working at a normal capacity, only that from a statistical standpoint the recession ended 14 months ago.
“The trough marks the end of the declining phase and the start of the rising phase of the business cycle,” the bureau says. “Economic activity is typically below normal in the early stages of an expansion, and it sometimes remains so well into the expansion.”
Meanwhile in Nevada…
Even as thousands of Nevadans abandoned the state’s workforce, unemployment in the Silver State has risen to a record yet again, new numbers reveal.
The latest statistics from the Department of Employment, Training & Rehabilitation show a statewide jobless rate in August of 14.4 percent, up from 14.3 percent in July and 12.5 percent in the same month a year earlier.
Unemployment in Las Vegas fell to 14.7 percent, down from 14.8 percent in July but up from 13 percent in August 2009.
Nationally, joblessness was at 9.6 percent in August.
Since May, Nevada has posted the nation’s highest jobless rate. Roughly 192,000 Nevadans lack jobs and are looking for work, with 142,000 of them living in the Las Vegas Valley.
More than 10,000 workers left the labor pool in August, either because they were too discouraged to seek jobs or because they decided to try their fortunes outside the state.
Harry Reid’s remedy? Why, an illegal alien student bailout, of course!