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December 02, 2008

We knew that.

The U.S. is and has been in a recession.

WASHINGTON (NBC) - The economy fell into recession late last year, according to a panel of economists that is responsible for determining the dates of business cycles.

Monday's declaration by the panel of the National Bureau of Economic Research confirms what many private economists, lawmakers and members of the general public already have assumed and puts an official date on it: A U.S. recession began in December 2007.

Posted by Holden Oliver (Kitzb├╝hel Desk) at December 2, 2008 11:59 PM

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