Us economic recessions dating

housing market went from boom to bust and large amounts of mortgage-backed securities and derivatives lost significant value.However, the event being unquestionably the worst economic downturn in the intervening years, the term accurately conveyed its severity by invoking such a well-known economic calamity.Federal Reserve Chairman Ben Bernanke said Monday that further interest rate cuts were possible but he cautioned that there were limits to how much such action will be able to revive an economy expected to remain weak well into next year. are certainly feasible, at this point the scope for using conventional interest rate policies to support the economy is obviously limited,” Bernanke said in a speech to business executives in Austin, Texas.The Fed is widely expected to cut a key interest rate when officials next meet Dec. The committee's determination puts an end to an expansion that began in late 2001 and latest 73 months.

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A focus on GDP alone is narrow, and it is often better to consider a wider set of measures of economic activity to determine whether a country is indeed suffering a recession.

During the American housing boom of the mid-2000s, financial institutions began marketing mortgage-backed securities (MBSs) and sophisticated derivative products at unprecedented levels. Although the global economy was already feeling the grip of a credit crisis that had been unfolding since 2007, things came to a head a year later with the bankruptcy of Lehman Brothers, the country’s fourth-largest investment bank, in September 2008.

When the real estate market collapsed in 2007, these securities declined precipitously in value, jeopardizing the solvency of over-leveraged banks and financial institutions in the U. The contagion quickly spread to other economies around the world, most notably in Europe.

“The most important things we can do for the economy right now are to return the financial and credit markets to normal, and to continue to make progress in housing, and that’s where we’ll continue to focus.” The NBER's seven-member Business Cycle Dating Committee met Friday and determined that economic activity peaked last December and has essentially been declining since then.

Payroll employment peaked that month and has declined every month since then, with the economy shedding some 1.2 million jobs, the committee noted in a statement on the NBER Web site.

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