It's official: Recession since Dec. '07

[Lunican]

It's official: Recession since Dec. '07

The National Bureau of Economic Research declares what most Americans already knew: the downturn has been going on for some time.

NEW YORK (CNNMoney.com) -- 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 committee views the payroll employment measure, which is based on a large survey of employers, as the most reliable comprehensive estimate of employment," said the group's statement. "This series reached a peak in December 2007 and has declined every month since then."

Full Article:
http://money.cnn.com/2008/12/01/news/economy/recession/index.htm?postversion=2008120112

[Bostech]

I knew it.

[jbm32206]

We all did, but George W didn't want to admit it

[Ocklawaha]

Oh hell... Now I feel better.

OCKLAWAHA

[RiversideGator]

Other partisan hacks have been predicting a recession for 6 years.  Eventually, they were correct. 

[civil42806]

Other partisan hacks have been predicting a recession for 6 years.  Eventually, they were correct. 

Reminds me of the old joke Paul Krugman has predicted 20 of the last 3 recessions.

[KenFSU]

Good to see that the NREB has finally opened up their wallets and hired Captain Obvious.

[Jason]

Where can I get a job like that?