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

[Tom]

...since December of 07.

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 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.
Employers have trimmed payrolls by 1.2 million jobs in the first 10 months of this year. On Friday, economists are predicting the government will report a loss of another 325,000 jobs for November.

The NBER also looks at real personal income, industrial production as well as wholesale and retail sales. All those measures reached a peak between November 2007 and June 2008, the NBER said.

In addition, the NBER also considers the gross domestic product, which is the reading most typically associated with a recession in the general public.

Many people erroneously believe that a recession is defined by two consecutive quarters of economic activity declining. That has yet to take place during this recession.

[Read More...] (http://money.cnn.com/2008/12/01/news/economy/recession/index.htm?postversion=2008120112)



I knew we were headed for one, but I had no idea that we were in one and that we had been in one since December of 07. Comments?

[iWaddle]

I knew this was going to happen sometime too, but a year ago? Wow, I noticed nothing like that last year. That part surprises me.

1.2 million jobs lost? Wow, just wow.

[Pen Rua]

All of Europe are in recession.

It was always gonna happen. But they wait for 1 year before telling the people?

[conman1001]

Old news, I'd be more excited if they told us the economy was booming! :D

[cpfangames]

Im suprised. A whole year?!

[walmartshrty]

HAHA. Don't you love it when they tell us what we already knew? They made a funny. :D

[The Chosen One]

If every country goes into recession, does that mean no one's in a recession? :O

[Baboons33]

I knew this was going to happen sometime too, but a year ago? Wow, I noticed nothing like that last year.

Yes, you didnt know about it and/or care because this is what the news has done to us. Fox, CNN, NBC and all of those stations have added to this. Even Bush said to stop watching the news and continue your lives.

[Biggalo]

Yes, you didnt know about it and/or care because this is what the news has done to us. Fox, CNN, NBC and all of those stations have added to this. Even Bush said to stop watching the news and continue your lives.

And we all know how reliable he is.

[Mook]

It's turning even worse. Some people I know are losing there jobs. I hope the US get this mess turned around or else it's going to keep getting worse.

[Snappyguy928]

Is a recession when you have no more school? Cause a lot of americans aren't going cause theres a lot of people on the Halo 3 global maps. :confused:

[Tom]

Is a recession when you have no more school? Cause a lot of americans aren't going cause theres a lot of people on the Halo 3 global maps. :confused:

No, lol, it's just a period of reduced economic activity.

[Chandru]

Is a recession when you have no more school? Cause a lot of americans aren't going cause theres a lot of people on the Halo 3 global maps. :confused:

lol

Anyway, we knew we were in a recession, but I never thought we were way back then.

[conman1001]

Is a recession when you have no more school? Cause a lot of americans aren't going cause theres a lot of people on the Halo 3 global maps. :confused:

Oh man, that is so worth a sig quote. But I don't think I have room.


I forgot to include in my earlier post that it is insane we have been in a recession for a year now.

[256log]

A recession is two straight quarterly losses of GDP. You don't know if your in a recession until the reports come out AFTER the quarters are over.
Also, some of you might remember when people said we were in a recession last year. There was no real evidence that we were in one until now...

[worldking01]

If we do not fix this kind of stuff now. Then the majority of the forumers here will have to deal with it in terms of us getting our first jobs. Because face it, if you are going to fire someone, who is it going to be? A person who needs to support his family? Or someone who is still getting money from there family?

[GlacialFreez]

It seemed pretty obvious before, but now we can prove it.

Typically when a major country (in this case America) collapses finically it creates a "domino reaction" toppling over the economies of countries with economic relations with it.

I'm not sure if more or less regulation is part of the solution, but I do feel that less taxes will be of great benefit.

[Snathan!]

All of Europe are in recession.

It was always gonna happen. But they wait for 1 year before telling the people?

America sneezes, Europe catches a cold.
Let's just hope Obama can sort this out. Bush doesn't have much time now.

If every country goes into recession, does that mean no one's in a recession? :O

That. Is. GENIOUS! We just gotta ruin everyone else's economy and we're in the clear! :D

[Snappyguy928]

America is always the last to know.... even when it's about them.....

[Snathan!]

America is always the last to know.... even when it's about them.....

Pfft.
America is the largest media producer in the world, and you say you get the news last?
You think we all know your secrets and we're keeping them from you?

That's just not true.

[The Chosen One]

If we do not fix this kind of stuff now. Then the majority of the forumers here will have to deal with it in terms of us getting our first jobs. Because face it, if you are going to fire someone, who is it going to be? A person who needs to support his family? Or someone who is still getting money from there family?

American employers are probably more likely to go for the cheap mexican workers so they can support their own family. :P (just like cheap polish workers :cool:)