Bureau confirms end of economic growth period

A committee of economists announced Monday that a 10-year economic expansion ended last March and that the nation has been in a recession since then. 

 

 

 

However, the Business Cycle Dating Committee of the National Bureau of Economic Research said that the contraction in economic activity that began in April was so gradual that a recession might not have occurred, except for the Sept. 11 attacks that had a significant economic impact. 

 

 

 

\The attacks clearly deepened the contraction and may have been an important factor in turning the episode into a recession,"" the committee statement said.