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Archive - Dec 1, 2008

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Now it's official: US in recession since 2007, one of the longest downturns since the Great Depression of 1930's

Officially, the U. S. economy refuses to enter a full-scale recession. I’ve enjoyed all the euphemisms – ‘slowdown,’ ‘contraction,’ ’turndown,’ ‘softness,’ ‘pullback,’ and my personal favorite, ‘growth recession.’

(quote)

The National Bureau of Economic Research said Monday 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. The NBER said that the deterioration in the labor market throughout 2008 was one key reason why it decided to state that the recession began last year.

the NBER did not give any reasons or causes of the recession. But it is widely accepted that the housing downturn, which started in 2006. The current recession is one of the longest downturns since the Great Depression of the 1930's. read more »

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