上次recession和股票表现

上次经济recession和股票市场调整时间上差了近一年。也就是说经济不好后要过好几个季度才能反应在公司的盈利报告上。

United States
The U.S. economy shrank in three non-consecutive quarters in the early 2000s (the third quarter of 2000, the first quarter of 2001, and the third quarter of 2001). Strictly speaking, the U.S. economy was not in recession during this period -- the common definition being a fall of a country\'s real gross domestic product in two or more successive quarters.

Those using a less traditional definitions of the term deem part or all of this period to have been a recession and there remains some debate over the start and end dates. The initial report by the National Bureau of Economic Research (NBER), declares a recession that lasted from March 2001 to November 2001 (Someone add an application of an AD-AS model for ECO 202), as real gross domestic product dropped during this period by 0.2% total from the fourth quarter of 2000. However, even this definition is in doubt. Several members of NBER\'s business cycle dating committee have said that revised data indicates a recession actually began some time within the final months of 2000. Committee members suggest they are inclined to move the date.[1] NBER President Martin Feldstein said:

It is clear that the revised data have made our original March date for the start of the recession much too late. We are still waiting for additional monthly data before making a final judgment. Until we have the additional data, we cannot make a decision.[1]
Controversy over the precise dates of the recession led to the characterization of the recession as the Clinton Recession, if it could be traced to the final term of President Bill Clinton. A move in the recession date in a 2004 report by the Council of Economic Advisors to several months before the one given by the NBER was seen as politically motivated.[2]

Using the stock market as a benchmark, a recession began in March 2000 when the NASDAQ crashed following the collapse of the Dot-com bubble. The Dow Jones Industrial Average was relatively unscathed by the NASDAQ\'s crash until the September 11, 2001 attacks, after which the DJIA suffered its worst one-day point loss and biggest one-week losses in history. The market rebounded, only to crash once more in the final two quarters of 2002. In the final three quarters of 2003, the market finally rebounded permanently, agreeing with the unemployment statistics that the recession lasted from 2001 through 2003.