Economists say the recession that ended three years ago this summer has been followed by the feeblest recovery since the Great Depression.
Since World War II, 10 U.S. recessions have been followed by a recovery that lasted at least three years, and the one that began in June 2009 is the weakest, according to an Associated Press analysis.
The ugliness goes well beyond unemployment, which at 8.3 percent is the highest this long after a recession ended. Growth has never been weaker in a postwar recovery. Consumer spending has never been so slack. Only once has job growth been slower.
More than in any other post-World War II recovery, people who have jobs are hurting: Their paychecks have fallen behind inflation.
Many economists say the agonizing recovery from the Great Recession, which began in December 2007 and ended in June 2009, is the predictable consequence of a housing bust and a grave financial crisis.
The effects of a slowing global economy caught up to Deere & Co. in its fiscal third quarter, as profits rose 11 percent but fell well short of Wall Street’s expectations.
Deere cut its revenue prediction for the year and investors reacted swiftly. Shares dropped more than 7 percent.
The Moline, Ill., company said Wednesday that it earned $788 million, or $1.98 a share, for the quarter that ended July 31, compared with $712.3 million, or $1.69 a share, for the same period last year. Analysts expected $2.31 a share in the most recent quarter, according to FactSet.