It's Official: U.S. In Yearlong Recession, Economy Fell Into Recession In December 2007, National Bureau Of Economic Research Says - CBS News

Description

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.

But the NBER's dating committee uses broader and more precise measures, including employment data. In a news release, the group said its cycle dating committee held a telephone conference call on Friday and made the determination on when the recession began.

Original URL

http://www.cbsnews.com/stories/2008/12/01/national/main4640509.shtml?tag=lowerContent;homeSectionBlock201

http://www.cbsnews.com/stories/2008/12/01/national/main4640509.shtml?tag=lowerContent;homeSectionBlock201