How The Recession Compares To Other Downturns
The National Bureau of Economic Research, which is responsible for assessing economic cycles, announced Monday the U.S. economy has been in a recession for the past 11 months.
Jeff Frankel, a Harvard professor and a member of the NBER's Business Cycle Dating Committee, says this recession is already longer than the preceding two recessions — 2001 and 1990-91 — as well as longer than the average post-war recession (10 months).
Speaking in a personal capacity, Frankel says the recession is likely to be the longest since the end of World War II and unlikely to end in the next few months.
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