From Chad Stone:

[T]he widespread decline in economic activity that defines a recession ended over a year ago, and the expansion of economic activity that defines a recovery began. But as [The Business Cycle Dating Committee] ... was quick to note, “economic activity is typically below normal in the early stages of an expansion, and it sometimes remains so well into the expansion.” That’s certainly true this time. We expect both unemployment and poverty rates to continue to rise in the next few years.

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