The National Bureau of Economic Research (NBER) said today that the United States has been in a recession since December 2007. The NBER said substantial jobs cuts in the labor market throughout 2008 was a main indicator that the recession actually began in 2007.
More than 1.2 million jobs have been lost in the first ten months of this year. The current downturn in the economy is one of the longest since the Great Depression.
Sources: http://wwwdev.nber.org/cycles/dec2008.html
http://money.cnn.com/2008/12/01/news/economy/recession/?postversion=2008120115
Tags: Great Depression, National Bureau of Economic Research
