Monday, December 1, 2008

Its official. We are in a recession

The government just figured this out.

NBER: U.S. In Recession That Began Last December
By Neil Irwin
Washington Post Staff Writer

It's official: The United States is in a recession -- and it started a year ago.

The nation's economy peaked, and the recession began, in December 2007, the National Bureau of Economic Research announced today.

The group's Business Cycle Dating Committee, the semi-official arbiter of these things, defines a recession as "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."

While analysts have been all but certain that a recession has been underway for months, there has been some debate over exactly when it began. Last winter, employers started cutting jobs and growth slowed significantly, but the decline appears to have accelerated over the summer.

How the rich are getting richer during this recession.

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