The Business Cycle Dating Committee of the National Bureau of Economic Research is given the task of dating economic trends and often does so well after it is commonly assumed the tide has turned one way or another. In prior communications, the committee said it wanted to make sure the recovery was on solid footing before it made its declaration.
After a conference call Sunday, the committee announced June 2009 was the official start of a sustained upturn.
Officially, there have been two 16-month post World War II recessions, one in 1973-75 and one in 1981-82. The 18-month trough is the longest since World War II, the committee said.
Dating the trough was put on hold until committee members could review data on National Income and Product Accounts, which was released on Aug. 27, helping determine the time-line of the country's gross domestic income and gross domestic product.
The GDP and GDI adjusted for price changes were 3.1 percent higher in the second quarter than they were in the same period of 2009, the committee said.