NBEC says recession began in March

Nov. 26, 2001
The National Bureau of Economic Research (NBER) said today that the United States entered a recession in March, the month in which the longest expansion in U.S. history celebrated its 10th anniversary. The committee, composed of academic economists from Harvard, Stanford and other prestigious universities, posted its decision on its website. NBER’s announcement means the country’s longest expansion
The National Bureau of Economic Research (NBER) said today that the United States entered a recession in March, the month in which the longest expansion in U.S. history celebrated its 10th anniversary. The committee, composed of academic economists from Harvard, Stanford and other prestigious universities, posted its decision on itswebsite.

NBER’s announcement means the country’s longest expansion lasted exactly 120 months; the previous record for uninterrupted economic growth was set in the 1960s.

"The committee is satisfied that the total contraction in the economy is sufficient to merit the determination that a recession is under way," NBER said, adding that the U.S. might have escaped a recession if it wasn’t for the September 11 terrorist attacks. "The attacks clearly deepened the contraction and may have been an important factor in turning the episode into a recession.”

The NBER looks at four major economic indicators to gauge the economy's health. Indicators of industrial production, employment and wholesale-retail trade were well within recession territory, the economists said.

``The president has been worried about the strength of the economy for a long period of time,'' White House spokesman Ari Fleischer said. ``If today's report indicates from an economic or statistical point of view that we're in a recession, that makes it even more important for the Senate to take action.”

About the Author

Tim Parry

Sponsored Recommendations

Tackling the Tech Shortage: Lessons in Recruiting Talent and Reducing Turnover

Discover innovative strategies for recruiting and retaining tech talent in the trucking industry at our April 16th webinar, where experts will share insights on competitive pay...

Stop Sweating Temperature Excursions

Advanced chemical indicators give you the peace of mind that comes from reliable insights into your supply chains. Compromised shipments can be identified the moment they arrive...

Stop Sweating Temperature Excursions

Advanced chemical indicators give you the peace of mind that comes from reliable insights into your supply chains. Compromised shipments can be identified the moment they arrive...

How Electric Vehicles Help You Prolong the Life of Your Fleet

Before adopting electric vehicles for commercial/government fleets, prioritize cost inquiries. Maintenance is essential; understand the upkeep of EV fleets. Here’s what you need...

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!