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It’s Official: U.S. Economy in Recession, Began Last Year

In an official confirmation of what has become increasingly apparent, the National Bureau of Economic Research (NBER) says that the U.S. economy is in recession and has been since December 2007. The private organization of leading economists is recognized by the government, academics, and much of the private sector as the authority on economic conditions. In a report from its Business Cycle Dating Committee, the NBER determines that the U.S. entered an economic expansion in November 2001 that ended in December 2007. It typically takes the organization several months after a recession begins to declare it official because of a need to look at final readings of various economic measures. "A recession is 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," according to the NBER statement.

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