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Worst recession in past eight decades is officially over

(CNN) Stocks surged on Monday to a 4-month high on news that the great recession is officially over! The Dow jumped 145 points to close at 10,753, the Nasdaq closed 40 points higher and the S and P 500 gained 17 points.

The National Bureau of Economic Research said the recession that started in December 2007 officially ended in June 2009. The 18-month slump was the longest and most severe downturn since the Great Depression in the 1930s.

The committee said the economy hit bottom last summer and has been growing slowly but steadily since then.

And if you're one of those people looking for a job, here's some good news. Retailers plan to hire more seasonal workers this holiday season.

According to an outplacement firm, retailers are expected to hire 600,000 temporary workers. That's fewer than before the recession, but more than last year.

The use of credit card continues to be on a decline. New numbers from Javelin Strategy and Research indicate that if this year's spending habits continue, credit card use will account for just 45-per cent of all transactions. That's down from 56 per cent last year and a peak of 87 per cent in 2007.

Analysts say the recession has changed consumer-spending habits and people are less reliant on their credit cards.

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