The National Bureau of Economic Research, the organization in change of officially declaring peaks and troughs in the business cycle, made the official declaration that the economic contraction that began in December 2007 came to an end in June 2009. The recession lasted 18 months, making it the longest of any post WWII recession. The longest prior recessions lasted 16 months, which were those of 1973-75 and 1981-82.
This is good news, if the National Bureau of Economic Research is correct. Only time will tell though. Hopefully the expectation that the recession is over will cause people to spend more and actually end the recession.
Just because the recession is over doesn't mean people aren't skeptical of the future. From what it seems, it looks as if people are more interested in holding on to their money rather then spending. The aftermath of the recent economic crisis is still paralyzing the economy.
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