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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