Readings: ISM prices paid, Zimbabwe commends US, Recession
- Bespoke: What a Difference Five Months Makes
In a matter of five months, we have gone from the 13th highest monthly reading since 1948 to the fourth lowest monthly reading.
- Naked Capitalism: The Reserve Bank of Zimbabwe Commends US and UK Authorities for Following Its Lead
From the Reserve Bank of Zimbabwe (boldface theirs):
As Monetary Authorities, we have been humbled and have taken heart in the realization that some leading Central Banks, including those in the USA and the UK, are now not just talking of, but also actually implementing flexible and pragmatic central bank support programmes where these are deemed necessary in their National interests.
That is precisely the path that we began over 4 years ago in pursuit of our own national interest and we have not wavered on that critical path despite the untold misunderstanding, vilification and demonization we have endured from across the political divide.
Ouch!
The committee determined that a peak in economic activity occurred in the U.S. economy in December 2007. The peak marks the end of the expansion that began in November 2001 and the beginning of a recession. The expansion lasted 73 months; the previous expansion of the 1990s lasted 120 months.
The committee views the payroll employment measure, which is based on a large survey of employers, as the most reliable comprehensive estimate of employment. This series reached a peak in December 2007 and has declined every month since then.
The committee believes that the two most reliable comprehensive estimates of aggregate domestic production are normally the quarterly estimate of real Gross Domestic Product and the quarterly estimate of real Gross Domestic Income, both produced by the Bureau of Economic Analysis.
It’s official (12 months later).
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