Panel Proclaims Recession Official
Are we in a recession? Most Americans would say we have been for quite awhile, and on Monday a panel made it official.
According to a report issued by the National Bureau of Economic Research's Business Cycle Dating Committee- a nonprofit research organization considered the final authority on such matters- the United States economy is indeed in a recession, and has been since December of 2007. The Bureau concluded that that month marked the end of the previous economic expansion, which had begun in November of 2001.
A recession is defined in the report as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production, employment, real income, and other indicators."