It's official: U.S. is in recession

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It's official: U.S. is in recession

Economy began shrinking in December 2007, panel declares

msnus_msnbc_business_040607

BREAKING NEWS
msnbc.com staff and news service reports
updated 30 minutes ago


WASHINGTON - The economy fell into recession late last year, according to a panel of economists that is responsible for determining the dates of business cycles.

Monday's declaration by the panel of the National Bureau of Economic Research confirms what many private economists, lawmakers and members of the general public already have assumed and puts an official date on it: A U.S. recession began in December 2007.

That was the same month employment peaked, and the economy began shrinking in a downturn that has been exacerbated by the financial crisis that took hold of markets beginning in September.



http://www.msnbc.msn.com/id/27999557/
 
Oh wow, now the country is using what college football does to rank teams, vote on whether we are in a recession or not. :rolleyes: I guess then we should just throw out all previous announcements and what the definition of recession is. Words mean things, so please Andy, go find the definition of recession for us so we know. Surely you can get one from those brainiacs. Or maybe better yet, I'm sure you know what it is so give it to us.
 
Oh wow, now the country is using what college football does to rank teams, vote on whether we are in a recession or not. :rolleyes: I guess then we should just throw out all previous announcements and what the definition of recession is. Words mean things, so please Andy, go find the definition of recession for us so we know. Surely you can get one from those brainiacs. Or maybe better yet, I'm sure you know what it is so give it to us.
a period of an economic contraction, sometimes limited in scope or duration.

the state of the economy declines; a widespread decline in the GDP and employment and trade lasting from six months to a year

http://dictionary.reference.com/search?q=recession
 
tell me something i didn't already know

this quarter and the last month of last quarter are the worst we have had since 2002
 
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