Survey says: ‘Great recession is over’

80 percent of economic forecasters believe the worst is now behind us

The worst U.S. recession since the Great Depression has ended, but weak household spending as the labor market struggles to create jobs will slow the pace of the economy’s recovery, according to a survey released yesterday.

The survey of 44 professional forecasters released by the National Association for Business Economics found that 80 percent of the respondents believed the economy was growing again after four straight quarters of declines.

“The great recession is over,” said NABE President-Elect Lynn Reaser.

“The vast majority of business economists believe that the recession has ended, but that the economic recovery is likely to be more moderate than those typically experienced following steep declines.”

Recessions in the United States are dated by the National Bureau of Economic Research. The private-sector group often takes months to make determinations.