WASHINGTON â€” The most severe economic recession since the Great Depression is history, economists said Tuesday.
At least one economist said the report showed a sharp jump in the Institute for Supply Managementâ€™s factory index.
â€œThe rise in the ISM manufacturing overall activity index to a level firmly above 50,â€ said John Ryding, an economist at RDQ Economics in New York. â€œThe surge in the new orders index to the highest level since December 2004 are the clearest signs yet that the recession is over,â€
No official timing of the end of the downturn is expected for more than a year.