In what may be the most farcical economic announcement we get this year, the Business Cycle Dating Committee of the National Bureau of Economic Research (NBER) announced this morning that the recession ended 15 months ago. Now, that's a relief!
The Business Cycle Dating Committe is the official arbiter of when recessions begin and end. Unfortunately, they never tell us until it is much too late to matter. To give you a sense of history, here are the release dates for the beginning and ending of the five recessions since 1980.
In a world awash in instant information, the NBER's Business Cycle Dating Committee is a puzzling anachronism.