QuoteIt'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
I knew it.
We all did, but George W didn't want to admit it
Oh hell... Now I feel better.
OCKLAWAHA
Other partisan hacks have been predicting a recession for 6 years. Eventually, they were correct. ;)
Quote from: RiversideGator on December 02, 2008, 12:51:00 AM
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.
Good to see that the NREB has finally opened up their wallets and hired Captain Obvious.
Where can I get a job like that?