Earlier this month, Federal Reserve Chairman Ben Bernanke said the recession should weaken by the end of 2009. The recession began in December 2007, making this the longest recession  since The Great Depression.  The recession of 1980 - 1982 was technically two recessions: January 1980 to July 1980 and July 1981 - November 1982. Combined, these were only 22 months, although the recessionary period lasted for three years. (Source: NBER)

What It Means to You

Even though the 2001 recession only lasted 8 months, it felt much longer because employment didn't really pick up until 2003. Therefore, even though this recession may end by the end of this year, it may be another year beyond that before the economy recovers enough to really pick up steam and add substantial jobs. Unemployment could climb to 10% before then. The 2008 bear attack didn't kill the economy, but it will need time to rebuild its strength before it can run with the bulls again.

Best Moves Now

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