... after the economy hits bottom (the trough), and gives way to expansion when the level of GDP surpasses the previous peak. Based on that definition, the economy entered the expansion phase of the ... growth. In short, the private sector part of the economy will have to make its way through the year on its own with little help from economic policy. As we move through 2012, the economic road ... after the official end to the recession. During the 2001 recession, 2.2 million jobs were lost, and the first post-recession job gains occurred in the seventh month after the official end to the...