We’ve been through what turns out to be the longest recession since World War II, what some are calling the Great Recession. A national panel of experts now says the recession ended in June 2009. The National Bureau of Economic Research says the recession lasted 18 months and started in December 2007.
Clemson University School of Business Dean Emeritus Bruce Yandle says although the recession is over, its effects will be felt for some time.
They look at production increases and income increases, as well as unemployment. But South Carolina’s economy is producing wealth, even though it’s not producing job growth. But neither is the national economy.
Yandle says many South Carolinians feel that the news about the recession being over hasn’t reached the Palmetto State. But he says the state’s economic picture is not that bad, and the main problem still holding back the state’s economy is unemployment.
Yandle says South Carolina’s 10.8 percent unemployment rate should drop back down closer to the 9.5 percent national average in about a year.
Previously the longest economic downturns were those in 1973-1975 and in 1981-1982. Each of those lasted 16 months.