In Case You’re Wondering, it is Officially a RecessionDecember 2nd, 2008
In case you’re wondering, it is officially a recession. Yes, Martha, it is really a recession. That’s the official word from the National Bureau of Economic Research, which on Monday said the American economy has been in a downward spiral since December 2007. The bureau is a private group of top economists charged with dating the start and end of economic downturns. One sign of the downturn is that employers axed payrolls by 1.2 million jobs in the first 10 months of this year, reports CNN. On Friday, economists predict the government will report a loss of another 325,000 jobs for November, according to CNN. The current recession is one of the longest downturns since the Great Depression of the 1930s.The last two recessions (1990-1991 and 2001) lasted eight months each, and only two of the 10 previous post-Depression downturns lasted as long as a full year, according to the bureau.