No Kidding: U.S. Economy in Recession
Posted on Dec 1, 2008
While it’s great that it has finally been acknowledged, the National Bureau of Economic Research’s announcement on Monday that the U.S. is officially in a recession is old news—even by the bureau’s own estimation.
Update: President Bush says he’s sorry about the state of America’s economy.
AP via Yahoo News:
The U.S. economy has been in a recession since December 2007, the National Bureau of Economic Research said Monday.
The NBER — a private, nonprofit research organization — said its group of academic economists who determine business cycles met and decided that the U.S. recession began last December.
By one benchmark, a recession occurs whenever the gross domestic product, the total output of goods and services, declines for two consecutive quarters. The GDP turned negative in the July-September quarter of this year, and many economists believe it is falling in the current quarter at an even sharper rate.