from The Wall Street Journal
The organization responsible for dating changes in the U.S. business cycle said the U.S. recession that started in December 2007 ended in June of last year.
In a statement on its website, the National Bureau of Economic Research said that in determining an end to the downturn, "the committee did not conclude that economic conditions since that month have been favorable or that the economy has returned to operating at normal capacity." As worries persist about the struggling U.S. economy and its future path, the NBER warned "any future downturn of the economy would be a new recession and not a continuation of the recession that began in December 2007."
I'm really, really glad that the NBER cleared this up for us, aren't you?