McClatchy Tribune

WASHINGTON — 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 Management̢۪s factory index.

“The rise in the ISM manufacturing overall activity index to a level firmly above 50,â€Â said John Ryding, an economist at RDQ Economics in New York. “The surge in the new orders index to the highest level since December 2004 are the clearest signs yet that the recession is over,â€Â



No official timing of the end of the downturn is expected for more than a year.