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National Bureau of Economic Research declares recession over
09/23/2010
This week, the National Bureau of Economic Research announced that the recession that had begun in 2008 has finally come to an end, but this has left many Americans scratching their heads. The U.S. Bureau of Labor Statistics reported that in August, the unemployment rate had hit 9.6 percent from 9.5 percent in July, showing that more Americans are still living without a steady income. This means that more families are finding difficulty paying for expenses despite the economy showing signs of recovery.
The average consumer had $7,694 in credit card debt in August, according to the San Francisco Business Times. Without employment, more individuals are finding it difficult to pay down their existing debt and afford routine expenses.
"We started from a deep hole," M.I.T. professor and National Bureau of Economic Research representative James Poterba told the New York Times. "And clearly the bounce-back has not been immediate after hitting this trough."
On top of credit card debt, which was recently surpassed by student loan debt, Americans have an average of $15,186 in auto loans and $174,447 in mortgage debt, the Business Times reports. Credit scores are also down 2 points since the beginning of 2010.
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