It uses different rules to other countries to measure business cycles and recessions
This month marks the tenth full year of the US economic recovery that began in June 2009. Back then, a “trough” in business activity signified the end of the Great Recession that followed the 2007-8 global financial crisis. The current expansion has continued, uninterrupted, ever since.
The best explanation for the length of this recovery is disappointingly simple: the Great Recession was the United States’ worst downturn since the 1930s. The deeper the hole, the longer it takes to climb out. Yet the prolonged US expansion also highlights some important issues regarding how countries measure business cycles and economic slumps.
A 2011-12 recession in the UK was subsequently erased from the record when the GDP numbers were revised in June 2013Continue reading...