It's Official: We're in a Recession
The National Bureau of Economic Research has called what most people have suspected for some time: The U.S. is in a recession.
According to the NBER, the recession began in December 2007. That peak marked the end of economic expansion that began in November 2001.
The question now is: what is the shape of this recession? Is it "V-shaped," meaning a short bottom; "U-shaped," meaning a long bottom, or "L-shaped," meaning we're in a new, significantly contracted economy and that's just how it's going to be?
Here's how the NBER defines recession: "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."
You can read the entire report here.
-- Frank Ahrens
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Frank Ahrens
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December 1, 2008; 12:22 PM ET
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The Ticker
| Tags: economic indicators, recession
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Thinking out loud here, speaking the words as I type them, breathing through my mouth.
Even the low information voters like me knew we were in a recession many months ago. But it took these geniuses until now to figure it out ?
So, what if we are, say, 3 months into a "Depression," just for the sake of discussion. When, if ever, would these folks who are all much smarter than me get around to acknowledging it ?
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