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Recession Kicked: Economic Downturn Ended November 2001
Aired July 18, 2003 - 06:16 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little business buzz right now. A group of experts now says the U.S. recession is officially over.
Carrie Lee, live from New York, has more on that.
Good morning.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Carol.
Indeed, according to the National Bureau of Economic Research, the recession is history and recovery is under way. Now economists have been saying this for quite some time, but this is the official word.
This recession, according to this group, began in March of 2001, ended the following November, so November of 2001, lasting just eight months. And that's actually a little bit shorter than other recessions we've seen since World War II. So good news here on the economic front. However, it does mean very little to the huge number of people who are unemployed. Remember our unemployment rate stands at a nine-year high.
Also, Carol, you wouldn't know it from the stock action over the last couple of days. We saw a sell off yesterday. The average stock down over 1 percent. Technology hit very hard. The Nasdaq closing down almost 3 percent yesterday. So I'm not seeing a stock reaction in correlation to this report, at least for yesterday.
COSTELLO: All right. Carrie Lee, live from New York, thanks for the update.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired July 18, 2003 - 06:16 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little business buzz right now. A group of experts now says the U.S. recession is officially over.
Carrie Lee, live from New York, has more on that.
Good morning.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Carol.
Indeed, according to the National Bureau of Economic Research, the recession is history and recovery is under way. Now economists have been saying this for quite some time, but this is the official word.
This recession, according to this group, began in March of 2001, ended the following November, so November of 2001, lasting just eight months. And that's actually a little bit shorter than other recessions we've seen since World War II. So good news here on the economic front. However, it does mean very little to the huge number of people who are unemployed. Remember our unemployment rate stands at a nine-year high.
Also, Carol, you wouldn't know it from the stock action over the last couple of days. We saw a sell off yesterday. The average stock down over 1 percent. Technology hit very hard. The Nasdaq closing down almost 3 percent yesterday. So I'm not seeing a stock reaction in correlation to this report, at least for yesterday.
COSTELLO: All right. Carrie Lee, live from New York, thanks for the update.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
