The group charged with declaring when recessions begin and end isn’t ready to say yet:
WASHINGTON (AP) — A panel of academics that date the beginnings and ends of recessions isn’t ready to declare just yet when this downturn ended.
The National Bureau of Economic Research said Monday that although most barometers show improvements in the economy, it would be “premature” to pinpoint the end of a recession based on economic data seen so far.
That assessment came after the group of academic economists met at its Cambridge, Mass., headquarters on Thursday to review mountains of economic data.
The panel looks at figures that make up the nation’s gross domestic product, which measures the total value of goods and services produced within the United States. It also reviews incomes, employment and industrial activity.
The economists decided that many of the key economic indicators are “quite preliminary at this time and will be revised in coming months,” NBER said. The government often changes its estimates of economic growth, job creation and other important barometers based on more complete information. The panel of academic economists was wary of making a declaration about the end of the recession when key government figures could still be changed.
Even if we are out of the recession itself, though, don’t expect an economic boom anytime soon:
WASHINGTON – The pillars of Americans’ financial security — jobs and home values — will stay shaky well into 2011, according to an Associated Press survey of leading economists.