US Economy In Recession Since December 2007
Yesterday, Monday, December 1st 2008,
"The National Bureau of Economic Research said that the U.S. has been in a recession since December 2007, making official what most Americans have already believed about the state of the economy .
The NBER is a private group of leading economists charged with dating the start and end of economic downturns. It typically takes a long time after the start of a recession to declare its start because of the need to look at final readings of various economic measures.
Achuthan's research firm tracks weekly leading economic indicators that are supposed to signal a change in direction for the economy four or five months ahead of time. Those indicators are continuing to fall at a record pace."
Those of us in the trenches, fighting for our lives, have known this for a long time now. I suppose next year they will release the news that we are in a depression since December 2008...so much for our economists...
The good news: 55 percent of economists surveyed in a new poll don't believe the U.S. will fall into a full-blown recession.
images from:
NY Times.com
Public Radio.com
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