In case you needed any confirmation, it's now official; The U.S. economy is in a recession.
The National Bureau of Economic Research (NBER) maintains the official chronology of the beginning and ending dates of U.S. recessions. The NBER met by conference call on Friday, Nov. 28, and declared today that the U.S. economy is in a recession that actually began in December 2007.
Here is text from the NBER's statement today: "The committee determined that a peak in economic activity occurred in the U.S. economy in December 2007. The peak marks the end of the expansion that began in November 2001 and the beginning of a recession. The expansion lasted 73 months; the previous expansion of the 1990s lasted 120 months. A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production, employment, real income, and other indicators. A recession begins when the economy reaches a peak of activity and ends when the economy reaches its trough. Between trough and peak, the economy is in an expansion."
It's finally official: We're in a recession
Operand type clash: text is incompatible with int
advertisement
Sorry, the story you tried to comment on is not accepting comments.