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The US Is Officially in a Recession — Are You Surprised?

We've been throwing around the word recession in connection with the US economy for some time now — everything from recession-proof jobs to recession-proof beauty is common vocabulary. However, in a statement released just today, the National Bureau of Economic Research confirmed that the economy has been in a recession since December 2007.

The last time the economy was in a recession was 2001, after the tech bubble burst. Members of the Business Cycle Dating Committee explained the requirements for a recession in a statement.

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. A recession begins when the economy reaches a peak of activity and ends when the economy reaches its trough.

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booglass booglass 7 years
Thanks National Bureau of Economic Research for stating the obvious.
RockAndRepublic RockAndRepublic 7 years
I thought it was kind of silly that it was "officially announced" yesterday, like everyone didn't already know.
Thank you! As if we haven't already been traversing hell.
Ms_Magnificent1 Ms_Magnificent1 7 years
The real question should be "Why Did Some People NOT Know the US is in a Recession?"...I mean even the wealthy are feeling the heat, how could one not know????
Colleeninator Colleeninator 7 years
I laughed when I saw "The US is Officially in Recession" on a newspaper today.
linditamaria linditamaria 7 years
i'm shocked that we've been in a recession since december 2007; i guess it didn't really hit my area until spring/summer time. but it is baffling that it took this long to get an official statement.
Deidre Deidre 7 years
I'm surprised how long it took economists to come out and say it!
starangel82 starangel82 7 years
Forget the 'official' announcement... Americans have known it for a while now.
brandi07 brandi07 7 years
I thought it was kind of silly that it was "officially announced" yesterday, like everyone didn't already know.
bellaressa bellaressa 7 years
I'm shocked and speechless.
gemsera gemsera 7 years
that and the fact that other countries went into recession first only because their definition was 2 quarters or 3 quarters...
itsme3683 itsme3683 7 years
The main criterion that the economy must face in order to be an official recession is a certain number (4?) of consecutive quarters of negative GDP growth, which is why it's taken so long for the "official" announcement.
simply-me simply-me 7 years
Umm, not surprised. It's been evident for quite some time we were headed this route. I am not suprised it hasn't been longer because economists follow strict guidelines on how the market must behave in order to "officially" call it a recession.
janneth janneth 7 years
I think all the talk about recession causes people to spend less, even people who personally have felt no effect. Thus causing the recession to worsen.
c-a-t-h c-a-t-h 7 years
Um, duh.
loopymoi loopymoi 7 years
Not surprised at al!
emily60608 emily60608 7 years
as someone who just graduated in december 07, yes i could tell you thats exactly when it started!
Myst Myst 7 years
I think people been saying this for a while now.
ilanac13 ilanac13 7 years
i'm not surprised at all by this - and the fact that people are only realizing that it's official now - well that's just funny to me. we've been in a rut for a while - a full year actually and well - all we can hope for is that the market rebounds and that things get better.
krae85 krae85 7 years
everyone's been spending less for a while... I think we knew. But isn't it also just part of the game? the economy has ups and downs, we ain't broke :P
foxie foxie 7 years
I just shat my pants from the shock.
indieglam indieglam 7 years
Michigander here... it's been obvious for a veeeery long time here!
Spectra Spectra 7 years
Yeah, I didn't know it wasn't official yet...I'm definitely not surprised.
MartiniLush MartiniLush 7 years
This is not at all surprising!!
jessie jessie 7 years
not surprised
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